Buying a Property from an Executor
- TMT Legal Services
- Jul 22
- 3 min read
Elaine Ho, Solicitor at TMT Legal Services, has written an insightful article on purchasing property from an Executor and important considerations to keep in mind.
The Executor is given authority to sell a property of an estate from the deceased’s Will. During administration of the estate, the Executor is to act in the best interest of all the beneficiaries. If you are buying from an Executor, it is of utmost importance for you to note the following legal issues apart from the usual title enquiries raised in the purchase. At TMT Legal Services we will be checking the following:-
The Executor’s Authority
There must be a valid will from which authority of the executor originates from.
Make sure there is no prohibition against the sale under the will.
Check the specific instructions in the will governing the sale.
Verify that the executor has obtained the appropriate Grant of Probate, which is a document of title, before completing the purchase transaction.
The Property and Estate Conditions
Enquire about any outstanding debts or claims against the estate, including any mortgages, taxes and liabilities.
Enquire on whether the executor has obtained a fair and reasonable valuation of the property for probate purpose since property of the estate must be sold at a fair market value for the protection of the best interest of all the beneficiaries.
Make sure there is no surviving joint owner preventing sale of the property.
Legal and Financial Issues.
Understand how the proceeds of sale will be distributed, and check that all outstanding mortgage, taxes, debt and liabilities are settled in order to avoid potential legal and financial complications after completion, though the purchase will not be invalidated solely because there are outstanding debts or liabilities of the Estate after completion.
Proceeds of sale should be paid to an account in the name of all the executors. In the case of the sale of property by a sole executor, check the legal capacity of the sole executor in giving a valid receipt of the purchase money. While a sole executor acting in the capacity of a personal representative can give a valid receipt for purchase money, a sole trustee generally needs the appointment of one more trustee to give a valid receipt for proceeds of land held on trust.
Whether you are selling the property of the Estate as an Executor or buying a property from an Executor, you are strongly advised to engage a property lawyer experienced in Probate Sales to guide you through the complexities of the law in the legal process, address legal concerns and ensure a smooth transition.
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