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The executrix of an estate wishes to purchase real property…

The executrix of an...

The executrix of an estate wishes to purchase real property from said estate, but is facing a bidding was with a beneficiary. The will states that the executrix has the opportunity to purchase real property at fair market value. Fair market value was determined by an independent appraiser and an offer for the amount as made. If a beneficiary outbids the fair market value can the executrix still purchase property at appraised amount, or would fiduciary duties require her to take the best offer?

Lawyer's Assistant: What state are you in? It matters because laws vary by location.

In Texas

Lawyer's Assistant: Has anything been filed or reported?

A notice of sale has not been filed, but the will has been probated.

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

There was also a sale of an oil business and interest which the executrix purchased under the same guide lines as the real property.

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Answered in 4 minutes by:
7/13/2017
Loren
Loren, Lawyer
Category: Real Estate Law
Satisfied Customers: 38,718
Experience: 30 years of real estate practice experience.
Verified

Thank you for using JA. I am Loren, a licensed attorney for over 30 yrs. Thank you for your patience as I review your question. I will post my response shortly.

Be aware, however, this is general information and no attorney client relationship is established.

The site may ask you if you wish to speak by phone for an extra charge. While I am happy to speak to you, if you wish, I am also happy to continue online. So, there is no pressure to spend extra money. Some people just prefer the speed of a phone call and that the information not be posted on the public forum.

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I am sorry to hear of your dilemma. I realize how frustrating this is for you and I hope to provide you information which is accurate and useful, even though it may not be the news you were hoping to get.

Unfortunately, the executrix is bound by their fiduciary duty to take the best offer. Look at it this way, if the executrix were not one of the offerors, which offer would she be duty bound to accept if two offers came in.

Also, the appraisal is only one opinion of fair market value and the beneficiary's offer may be a better indication of the FMV.

I am sorry. I wish I could tell you otherwise.

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I realize this is probably not the answer you were hoping to receive. Also, please remember that this is not a moral judgement on my part. As a professional, however, I am sometimes placed in the position of having to deliver news which is not favorable to a customer's legal position, but accurately reflects their position under the law. I hate it, but it happens and I only ask that you not penalize me with a bad or poor rating for having to deliver less than favorable news.

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Did you have further questions? I am happy to continue if you do.

Otherwise, have I answered the question to your satisfaction?

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Customer reply replied 1 year ago
I completely understand! I do not hold you accountable for bad news. I understand that it is necessary to get an unbiased opinion. thank you fro your help! it is much appreciated
You are very welcome.
If you have no further questions, and have not yet done so, 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.There is no additional charge to you for rating me favorably.A bonus is not expected, but is always appreciated.
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Loren
Loren
Loren, Lawyer
Category: Real Estate Law
Satisfied Customers: 38,718
Experience: 30 years of real estate practice experience.
Verified
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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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