My father passed a way in July with a will. My brother is the personal rep. The only real asset my father had is his home. My brother has lived there all his life. He wants to buy me and my sister out. But he says he must wait six months before he can do this according to his lender. Is this true
2 Answers from Attorneys
Not exactly. It sounds like your father's will was probated. Once the probate forms have been filed and the distributions have been made according to the decedent's will, the estate must remain open for at least six months. This time period allows any people who believe they have a claim against the will to file that claim against the decedent's estate. If no claims are made within the time period, the decedent's estate is closed and the probate process is completed. It is at that point that you, your sister, and your brother will own the property outright and the brother can buy you and your sister out.
Best of luck.******The above is for informational purposes only and does not create an attorney-client privilege.********
. My section of Abraham & Bauer, LLC provides representation in at least 50 Maryland estates each year.
The six month period pertains to two different time frames. A will contest ("Caveat")can be filed up to six months after the estate is opened.
A debtor has six months from your father's date of death to file a claim in the estate.
Neither period has any importance to a loan concerning the purchase of real property from the estate. We regularly sell real property within estates before a six month window expires. Your brother needs to find a new lender and a real appraisal (not an SDAT figure) needs to be done by a licensed appraiser so all of you know the true fair market value of the house.
Also the estate does not close until a final accounting is filed, audited, and approved via an Orphans' Court Order. There is then a 20 day period during which exceptions to the accounting can be foiled. If no exceptions are filed, the accounting then becomes final, distributions are then made to those inheriting and the estate THEN closes.
If you need assistance do not hesitate to contact me