Feb
25

Legal Question: What do I need to Sell an Estate?

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Q:  What should I know about selling an estate that is different from selling my own co-op?

 A:  Make sure your broker contacts the managing agent for the co-op at the beginning of the transaction to be sure you have plenty of time and are able to gather all the necessary documentation necessary to effect the transfer of stock and lease at closing. 

 Though each building may have their own process, generally they will need the following documentation:

  • Certificate of Letters of Testamentary dated within 6 months of the closing
  • An Affidavit of Debts and Domicile executed by an executor or administrator of the estate
  • Federal Release of Lien issued by the IRS (or affidavit confirming that no such release is required)
  • New York State Release of Lien of Estate Tax issued by the New York State Department of Taxation and Finance
  • The Decedent’s death certificate
  • Last Will and Testament fo the decedent (certified as true and correct).

You should speak with your attorney to be sure that the necessary documents are available and ready to be turned over when requested prior to closing.

 

Based on REBNY article by Neil B. Garfinkel, REBY Residential Counsel Partner-in-charge of real estate and banking practices at Abrams Garfinkel Margolis Bergson, LLP   

This post is provided as informational proposes only and should not be construed as legal, accounting or tax advice by the RealEstateGeezer. You should seek advice from a qualified professional.

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