Who's Gets the Listing?

By
Services for Real Estate Pros with Direct to Market LLC

I was contacted by an executor to sale a property for and estate. We executed a listing agreement and I started marketing. Meanwhile I was contacted by a local real estate agent informing me that she had listed the property with the person who inherited the property a week earlier.

Who has the right to the listing?

After a meeting between the my broker and office manager and a call from the lawyer handling the estate it was determined that I was that should void my listing agreement since the other agent was making a huge fuss including threats to file ethical complaints. The executor disagreed with the decision and I said I would see if it was a well thought out decision. So I called the PAR legal hot-line. After consultation it was determined that it was the executors place to sale the property to settle the estate and the proceeds are then distributed to the heirs. In this case the heirs didn't have enough assets to pay the taxes on the property they inherited. I had the legal Listing agreement.

My next post is on the same property. Two contracts one lazy seller representative one upset buyer and a one week closing.

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Topic:
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Location:
Pennsylvania
Tags:
inherited property
executors
estate listings

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Rainmaker
558,140
Brian Sharkey
SharkeyRE LLC - Port St Lucie, FL
SharkeyRE - #SouthFloridaBroker

Victor welcome to the rain.  Thanks for the story, I knew the ending because I had the same situation a few years ago.  Glad I was the one with the listing but I would be pissed if I was the other agent also.  Sharkey

Mar 30, 2012 11:23 AM #1
Ambassador
2,456,601
Fred Griffin Tallahassee Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

Victor, I went through this some time ago. 

The Heirs wanted to list and sell the property.   But they had no legal right to sign a listing agreement or a sales contract, since Title had not yet passed them.   Only the Personal Representatives (Executors) of the Estate had the legal right to dispose of the property.

Mar 30, 2012 11:50 AM #2
Rainmaker
856,626
Elite Home Sales Team
Elite Home Sales Team OC - Corona del Mar, CA
A Tenacious and Skilled Real Estate Team


Victor

Only the personal rep of executor of the estate has right to sell.

Mar 30, 2012 12:03 PM #3
Rainmaker
1,506,406
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • Green • GRI • HAFA • PSC Calabasas CA

Great share!

Thanks Victor and all ARers:)

I never had this situation, but now i know the right way. I went through different conflict over right to list recently and this is stressful( at least, the first time:)

Mar 30, 2012 01:30 PM #4
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Victor Plitt

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