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Buying out interest in willed property

If a property is left to four persons, can one offer to buy the others out and do they have to accept.

The answer to this listener’s question is “yes” to the offer – that is they can make an offer – but there is no obligation to accept just because an offer was made.

 

Depending on the terms of the will, usually the executor has the ultimate discretion but it is also usual for the executor, in the event of a dispute over price, to put the property up for auction.

 

If all four persons are interested in buying the property then there might be a private auction held in which all four hand in envelopes to either the executor or the auctioneer and the highest price wins.  Alternatively, it could be put to public auction in which case the public will be bidding and the highest bidder will win.

The issues raised in the answer to this NewsTalk listener's question are dealt with in a general way as can only be the case on live radio. Before relying on the advice given in this answer, whether you heard the broadcast or are for the first time reading the issues here please do not rely on the broad advice given. For a detailed professional opinion please consult a qualified legal advisor and for further details read our disclaimer on the Home Page.

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