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Ownership in fee simple is the highest form of real property ownership.
It is essentially a giant spreadsheet that shows all fees and prepaid expenses involved in a real estate dealing. It too indicates the funds being exchanged between all parties involved in the transactions, including third parties such as Realtor, brokers, appraisers, title companies and others. It also shows the funds going towards setting up escrows.
Assets that are not specifically devised, a devise that fails for some reason and assets that come into the estate after the death of the testator, such as an award in a lawsuit, make up the residuary estate. For example, if the testator simply left all her estate to be equally shared by her three children, they will share the entire residuary estate. She could also leave her real estate to one daughter and direct that all the rest of her estate be shared by her other two daughters. In that case, the real estate is not part of the residuary.
First of all you have to create an estate to transfer. That is done by filing the necessary document with the probate court. Once the estate is inventoried, the debts settled, then any remaining assets can be distributed.
Yes they certainly do have that right. That is the entire purpose of opening an estate, to collect all assets and pay all debts.
That is the purpose of opening an estate. The estate has to pay all of the debts off if possible. If the estate doesn't have the assets to do so, they distribute as best they can. If the court signs off on the distribution, the debts are ended.
If you mean your father's siblings, no. If you mean your siblings not necessarily. The estate should pay all outstanding debts before any inheritances are paid out. The executor named must perform these duties and provide proof of all expenditures.
No, an executor of an estate is legally bound to act in the best interests of the estate and its beneficiaries. Taking items from the home without consent from other siblings would likely be considered a breach of fiduciary duty and could lead to legal consequences. It is important for all decisions regarding the estate to be made transparently and with the agreement of all beneficiaries.
No, an executor cannot sell the estate home without the signatures of all involved. This isn't legal or possible in New Jersey.
The person named as the executor of a will does not need the signature of siblings to perform this function UNLESS they too are named as executors in which case the signatures of ALL the executors are required to dispose of the estate.
The residuary estate will be distributed according to the terms and conditions specified in the will. Any verbal agreement made among family members does not hold legal weight and will not override the instructions in the will. It is essential to follow the legal procedures outlined in the will to ensure the proper distribution of the estate.
If your parents' will specified that the estate is to be divided equally among all siblings, then your sister is not entitled to take more than her share without the agreement of the other siblings. If she has taken personal belongings without consent, you may need to consult with a lawyer to address the situation legally.
First, you have to take professional training and development programs as well as education to ensure that you know all real estate laws, market trends, regulations and processes involved in real estate. Next step is to pass the national examination and work as a real estate salesperson under the supervision of a real estate broker.
he has no siblings
There is no standard, plus all fees are negotiable. The real estate agent involved in your transaction can explain fees to you.
You haven't provided enough detail. If the estate has been probated and all the siblings are now equal owners then the answer is no. He needs permission from the other owners. If he is the court appointed executor, the property is still in probate and the property is in need of immediate repairs to prevent damage then the answer is yes.