Posted by Elizabeth NJ on February 24, 2006 at 20:32:16:
If the “estate” is comprised of nothing more than the property, then this should go very smoothely.
The first thing you want to do is make a written offer to the Personal Rep to purchase the property. Since you mention he wants to sell, this should be an easy deal for you. In order to avoid any confusion or misstatements down the road, your offer should have an expiration date on it – something like "this offer will expire at 5pm on _________ [usually 5 days from the date of the offer]. Put signature lines for the personal rep AND the heirs to accept the offer even tho the PR is handling the sale.
Definitely use an atty and be sure the PR has an atty since he is acting on behalf of the heirs. Since the deceased’s kids are Class A beneficiaries, their tax consequences from the sale should be neglible or zero depending on sales price, state law, etc. This is why you need an atty.
Be sure you have your funds lined up since the probate won’t close until the property is sold and the PR surrenders his appointment.
Good luck.