Do both heirs need to sign to sell a home with an administrator?

Full question:

If 2 people are heired a home and one is administrator do both parties have to sign in order to sell the home?

Answer:

Whether both heirs need to sign to sell the home depends on the administrator's authority. If the administrator has a court order allowing them to sell the property, they can do so without the heirs' consent. If there is no will, the administrator may sell the property only if authorized by a court order. In this case, the heirs cannot sell the property without a court order since an administrator is involved.

According to the Estates Code (Sec. 351.051), a personal representative can act on behalf of the estate with court approval to manage property, including selling it. Therefore, if the administrator has the necessary court order, they can proceed with the sale without needing both parties' signatures.

This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.

FAQs

To avoid paying capital gains tax on inherited property, consider using the stepped-up basis rule. When you inherit property, its value is adjusted to its fair market value at the time of the original owner's death. If you sell the property for this value or less, you typically won't owe capital gains tax. However, consult a tax professional for specific strategies and to ensure compliance with current tax laws.