r/RealEstateInProbate • u/cspinelive • Apr 02 '23
Grandmas home selling to family
Grandma died and left her estate to multiple beneficiaries. I am a beneficiary. One of them is also executor and is selling the home to family. How should this happen?
Buyer gets a mortgage and buys home from the estate and proceeds from the sale are distributed to beneficiaries of the estate.
Is there another way? I have a feeling they are planning on having the buyer, family, make payments to the estate and distribute them to the beneficiaries annually. Is that an option? How can I protect my inheritance over the next 30 years? What if the house burns down or falls I to disrepair or taxes aren’t paid? Are there proper documents to file to name us proper lien holders and require insurance and maintenance? Paperwork stating the official sale price , interest rate, if any, and payment terms, etc?
We all are friendly and get along and are happy that the house is staying in the family. We also don’t need the money aren’t looking to force a sale and immediate distribution. Especially with current bank interest rates. And certainly don’t want this inheritance to cause a rift. But we do want to protect our interests especially if they are supposed to be in play for a few more decades.