What Happens When the Deceased Estates Family Cannot Agree On A Property Sale Price – Who Sorts it Out Legally & the Implications?

When the family of a deceased person cannot agree on a property sale price, the situation can become complex and potentially lead to legal disputes. Resolving such disagreements often involves a combination of legal processes, negotiations, and potentially court intervention. Here is a general overview of the steps and implications:

1. Executor/Administrator Role:

In most cases, the executor or administrator of the deceased person’s estate is responsible for overseeing the sale of the property. This individual is typically named in the deceased person’s will or appointed by the court if there is no will. The executor has a fiduciary duty to act in the best interests of the estate and its beneficiaries.

2. Negotiations and Mediation:
The first step is usually negotiation among the family members to reach a consensus on the sale price. This can involve discussions among beneficiaries, family meetings, and sometimes the involvement of a mediator. Mediation can help parties find a compromise without resorting to more formal legal actions.

3. Independent Valuation:
If negotiations fail, an independent valuer can be retained to determine the fair market value of the property. The valuer’s expertise can provide an objective assessment that may help guide the parties toward an agreement.

4. Court Involvement:
If negotiations and mediation do not lead to a resolution, a beneficiary or interested party may file proceedings in court to compel the sale or resolve the dispute. The court can issue orders and judgments to address the disagreement, potentially leading to a court-ordered sale.

5. Distribution of Proceeds:

Once the property is sold, the proceeds are distributed to the beneficiaries according to the terms of the will or, if there is no will, according to the laws of intestate succession. The executor or administrator oversees this distribution.

In summary, when the family of a deceased person cannot agree on a property sale price, the responsibility for resolving the situation falls to the executor or administrator. Where an executor or administrator has not been appointed, the decision is made by negotiation among family members and potential mediation. If that fails the matter is determined by a court. It is in the best interest of all parties involved to work collaboratively and seek amicable solutions to avoid the negative consequences of prolonged disputes.

To discuss your personal situation, contact Egans Solicitors