[§668A-12] Report of open-market sale.

150 words·~1 min read·/hi/668a-12

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)Unless required to do so within a shorter time by chapter 668, a broker appointed under section 668A-11(b) to offer heirs property for open-market sale shall file a report not later than seven days after receiving an offer to purchase the property for at least the value determined under section 668A-7 or 668A-11.

(b)The report required by subsection

(a)shall contain the following information:

(1)A description of the property to be sold to each buyer;

(2)The name of each buyer;

(3)The proposed purchase price;

(4)The terms and conditions of the proposed sale, including, without limitation, the terms of any owner financing;

(5)The amounts to be paid to lienholders;

(6)A statement of contractual or other arrangements or conditions of the broker's commission; and

(7)Other material facts relevant to the sale. [L 2016, c 260, pt of §1]