78B-6-1279. Report of open-market sale.

169 words·~1 min read·/ut/title-78b/chapter-6/78b-6-1279

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

Effective 5/4/2022

(1)Unless required to do so within a shorter time by Title 78B, Chapter 6, Part 12, Partition , a broker appointed under Subsection 78B-6-1278(2) to offer heirs' property for open-market sale shall file a report with the court no later than seven days after the day on which the broker receives an offer to purchase the property for at least the determination of value under Section 78B-6-1274 or 78B-6-1278 .

(2)The report required by Subsection

(1)shall contain the following information:

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

(b)the name of each buyer;

(c)the proposed purchase price;

(d)the terms and conditions of the proposed sale, including the terms of any owner financing;

(e)the amounts to be paid to lienholders;

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

(g)any other material fact relevant to the sale.

Enacted by Chapter 304 , 2022 General Session