Executor selling house to family member below market value.

[SlurrySlump]

Can an executor sell the deceased persons house to anyone he chooses and at any price or must it go to auction. It looks as if the spouse of a family member who is also the executor is trying to sell the house at a lower price than market value to one of his family members.

 

[jpd]

The executor can do this, butthe Revenue will consider that the transaction as at market value and will consider the discount as a gift - which may be taxable.

Also, the other beneficiaries of the will may be able to contest the transaction and apply to the courts for redress.

 

[csirl]

Executor has an obligation to obtain the best possible price for th house.