How to sell an estate asset to pay cerditors?

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How to sell an estate asset to pay cerditors?

I have probated my grandmother’s will. She has a house that I have to sell to pay her final expenses. I want to conclude the sale of the house next week. Can I do this since this is her only asset to get funds to pay any creditors? The title company says we can’t transfer the title due to probate.

Asked on December 17, 2011 under Estate Planning, Tennessee

Answers:

Sharon Siegel / Siegel & Siegel, P.C.

Answered 9 years ago | Contributor

I am a NY lawyer.  This is a very state specific question.  Something does not sound correct about the title company position.  The title company only gets involved to determine if the title is marketable (clean) or not.  Perhaps the title company searched the estate file and determined that there is a lis pendence on the property or the like.  In general, in NY, the Executor can sell real property - if it is not an insider deal and the value benefits the estate.  Depending on what your letters say (perhaps they contain a restriction on transfer of real property or an amount greater than the value of the real property), you may need to get court permission to approve the sale.  I would certainly consult with a lawyer.  www.siegelandsiegel.com  212-721-5300  Sharon Siegel, Esq.


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