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I am the executor of my fathers estate in New Jersey. The

I am the executor of...
I am the executor of my father's estate in New Jersey. The only property the estate has is the family home (valued at 349K by the mortgage company holding the reverse mortgage). The amount owed to the reverse mortgage company is $135,127.00. My sister and myself are the heirs. We have been unable to sell the property in the 11 months since my father passed. We have decided that I will purchase the house from the estate with my daughter, for the amount of $290K. After the reverse mortgage is satisfied, there will be $150k to share evenly with my sister and myself. The house had been listed at $325K with the lowest acceptable price being $310K, in order to allow for the realtor fees ect. How are the inheritance amounts distributed to my sister and myself in a situation like this?
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Answered in 6 minutes by:
7/8/2013
Thomas McJD
Thomas McJD, Attorney
Category: Estate Law
Satisfied Customers: 6,516
Experience: Wills, Trusts, Probate & other Estate Matters
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TMcJD :

Hi, I will be happy to assist you, and it is my goal to make you a very satisfied customer! This may take a few minutes, so thanks for your patience.

TMcJD :

Are you simply asking how the sale proceeds get distributed according to estate laws after the estate pays off the reverse mortgage amount that is owed?

TMcJD :

If so, did your father have a will?

Customer:

I guess I'm asking how to proceed once the reverse mortgage is paid off. How are the proceeds distributed to my sister and myself? Yes my father did have a will. My sister and I are his only 2 surviving children.

TMcJD :

Explaining the step by step process required by state law is complex and really beyond the scope of this website. I'll opt out and perhaps another expert will be able to assist you.

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LegalGems
LegalGems, Attorney
Category: Estate Law
Satisfied Customers: 10,847
Experience: Private Practice; Elder Law Attorney; Estate Planning; Attorney Mentor
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Hi; My goal is to provide you with great service - if you have any questions during our chat, please ask! I'll do my best to ensure your satisfaction!

The sale of any real estate that is in probate needs to be approved by the court. Whenever an interested party is considering purchasing the home, it is imperative that the fair market value be paid, otherwise the sale can be challenged as self dealing.

The probate referree should have valued the property (I am assuming this was done, since you mentioned it was listed in the open market). Any sale must be AT LEAST 90% of this value. Once an offer is made, a Notice of Proposed Action must be mailed to all heirs, in which situation the heirs have 15 days to respond. If no one objects, the sale may go forward. (without a court hearing).

Then, the proceeds are deposited into the estate's account. Assuming there are no creditors, the proceeds are then distributed to the heirs as specified in the will. It is always a good idea to have an heir sign documentation indicating they received the proceeds.


Please see the attached faqs: http://www.co.ocean.nj.us/Surrogates/ContentPage.aspx?ID=53bc05b5-c58c-4f5c-9700-6acfa1bc644e specifically section 19, to ensure that the proper waivers have been filed.

It is always a good idea to have an attorney oversee the process, particularly when an interested party is purchasing estate property, in order to ensure that there are no breaches of fiduciary duty, which could create liability.
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Customer reply replied 4 years ago


Is the property still considered in probate, even though I have completed the required documentation etc with the surrogate court last August? As far as I know, I do not have a probate referree since all those forms were completed.

Yes; the property would still be a part of probate - if it passed via will. If however, it passed via joint tenancy with right of survivorship, then this property would not be a part of the estate (but if you completed the aforementioned forms, then that means it was part of the probate estate).

I'm not sure if you are aware of this, but this needs filed in all counties in order to close out probate. Generally it is not given too much scrutiny. (This is a sample from Middlesex): http://www.co.middlesex.nj.us/surrogate/Refunding%20Bond%20and%20Release%20Instr.pdf
LegalGems
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