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If the trustee of an estate wants to purchase the home that…

If the trustee of...

If the trustee of an estate wants to purchase the home that is part of the estate do you typically lower the selling price by 7% to allow for the relator fees that you will save by not listing the home?

Lawyer's Assistant: Estate laws vary by state. What state are you in?

Michigan

Lawyer's Assistant: What documents or supporting evidence do you have?

Appraisal at time of death

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Answered in 1 minute by:
3/14/2018
Loren
Loren, Attorney
Category: Estate Law
Satisfied Customers: 39,253
Experience: 30 years experience in the practice of estate law.
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It is negotiable, but there is a reasonable argument to reducing the price slightly to account for the savings of commission.

The only requirement is that the trustee has a fiduciary duty to pay the market value, but a price discount for the lack of commission is not unreasonable.

If (and only if) you are completely satisfied that your question is answered professionally and accurately, even if not the answer you were hoping to get, please remember to leave a favorable rating (click 5 stars in the rating section on this page). It is the only way that I am credited by JustAnswer for answering your question.

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Loren
Loren, Attorney
Category: Estate Law
Satisfied Customers: 39,253
Experience: 30 years experience in the practice of estate law.
Verified
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