court approved sale through guardian
Started by Maria
over 7 years ago
Posts: 1
Member since: Jul 2017
Discussion about
Hi everyone, Please help! I am purchasing a coop through guardianship and the contract has to be reviewed by the court. I am not sure what to expect during the court review. I have the date and plan on going. It seems that someone could potentially outbid me? I am very nervous. Has anyone had any experience with that type of sale? thank you
Can you pls elaborate?
Assume you don't mean an estate sale (https://www.hauseit.com/how-to-have-an-estate-sale-nyc/) right?
Guardianship as in a minor, or someone incapacitated and the court therefore making decisions for them?
Do you have a buyer's broker? Are you getting a buyer closing credit?
"
Sec. 1745. REPORT AND CONFIRMATION OF AGREEMENT AND OF
CONVEYANCE.
1. Before disposition of the property can be made pursuant to
the judgment, the guardian, committee or conservator must
enter into an agreement therefor, subject to the approval of
the court, and must report the agreement to the court under
oath. Such agreement may be made either before or after the
commencement of the proceeding, and if made and reported
prior to the entry of the judgment, such judgment may
include a confirmation thereof.
2. Upon the confirmation of the agreement, either by the
judgment or by a subsequent order, the guardian, committee
or conservator shall execute and deliver a deed, mortgage,
release or lease as directed by such judgment or order.
3. Where the judgment directs the execution of a conveyance in
the first instance for the purpose of fulfilling a contract,
or because the property is held by way of mortgage, or in
trust only, the guardian, committee or conservator executing
the conveyance shall report the conveyance to the court
under oath."
http://tenant.net/Other_Laws/RPAPL/rpapl17.html
Discuss this with your lawyer.