Partitions: Open-Market Sale
If the court orders the property to be sold, then the UPHPA states the sale must be an open-market sale as opposed to a private sale or auction, unless the private sale or auction would be economically better for the parties. This provision is an attempt to ensure heirs are not shortchanged in selling the property. Generally, an open-market sale invites higher bids. Additionally, under this provision, either the heirs or the court pick an unbiased, licensed real estate broker to handle the sale of the property. Similar to value determination, these procedures also prevent the sale from becoming contentious.
The UPHPA is designed to protect heirs, but there are also strategies you can employ to help your heirs before they have to rely on the UPHPA. Schedule a meeting with our estate planning attorneys, and we can discuss all of your options.
The Estate Plan
135 San Lorenzo Ave Suite #750
Coral Gables, FL 33146