Role of executor

ned rierson

A relative left 5 of us some property. 4 don't want to sell but the 5th who is also the executor says he can sell it without our consent. Is this correct ? There are no outstanding debts

blade1

https://www.boards.ie/discussion/2058425259/role-of-executor

I think the 4 will have to buy the 5th share to keep it.

Jim_Hodge

It's generally the proceeds of the sale of property that's distributed. If 4 don't want the property sold they'll have to pay the 5th beneficiary 20% of the property's market value.

ned rierson

Fair enough but he wants to sell for less than what it's worth to get shut of it. I feel this is unreasonable

Dan Steely

https://www.boards.ie/discussion/comment/123841365#Comment_123841365

Would that not mean less cost to the 4?

Mrs OBumble

The 4 of you can offer to buy it for whatever you think it's worth.

Have you worked out how maintenance, insurance and LPT will be paid? Who will manage the property day to day? What will happen if the 4 of you don't agree re what maintenance is to be done - if one agrees to the work, but doesn't pay their share?

Multiple ownership can be a PITA in practise.

Jim_Hodge

https://www.boards.ie/discussion/comment/123841365#Comment_123841365

Or No. 5 thinks it's worth more than it actually is. The executor needs to get a professional valuation done.

At the end of the day, he has to get it sold. He can't hang on to it indefinitely.

ned rierson

Thanks folks

AnRothar

A relative left 5 of us some property. 

Out of curiosity what does the will stipulate regarding the disposal of the property?

i.e sell and divide by 5 or I leave the property to all 5?