Open Market Sales; Brokers and Commissions; Sealed Bids or Public Sale
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Law
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Georgia Code
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Property
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Estates
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Tenancy in Common
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Partition
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Uniform Partition of Heirs Property
- Open Market Sales; Brokers and Commissions; Sealed Bids or Public Sale
- If the court orders an open-market sale of heirs property, the sale shall be an open-market sale unless the court finds that a sale by sealed bids or a public sale would be more economically advantageous and in the best interest of the cotenants as a group.
- If the court orders an open-market sale and the parties, not later than ten days after the entry of the order, agree on a broker to offer the property for sale, the court shall appoint the broker and establish a reasonable commission. If the parties cannot agree on a broker, the court shall appoint a disinterested broker to offer the property for sale and shall establish a reasonable commission. The broker shall offer the property for sale in a commercially reasonable manner at a price no lower than the fair market value determined by the court under Code Section 44-6-184 or the valuation of the property agreed upon by the cotenants and on the terms and conditions established by the court.
- If the broker appointed under subsection (b) of this Code section obtains within a reasonable time an offer to purchase the property for at least the fair market value determined by the court under Code Section 44-6-184 or the valuation of the property agreed upon by the cotenants:
- The broker shall comply with the reporting requirements in Code Section 44-6-188; and
- The sale may be completed in accordance with state law other than this subpart.
- If the broker appointed under subsection (b) of this Code section cannot obtain within a reasonable time an offer to purchase the property for at least the fair market value determined by the court under Code Section 44-6-184 or the valuation of the property agreed upon by the cotenants, the court, after hearing, shall:
- Approve the highest outstanding offer, if any;
- Redetermine the value of the property and order that the property continue to be offered for an additional time; or
- Order that the property be sold by sealed bids or at a public sale.
- If the court orders a sale by sealed bids or a public sale, the court shall set terms and conditions of the sale. If the court orders a public sale, the public sale shall be conducted as a public sale in accordance with Code section 44-6-167.
- If a purchaser is entitled to a share of the proceeds of the sale, the purchaser shall be entitled to a credit against the price in an amount equal to the purchaser's share of the proceeds.
(Code 1981, §44-6-187, enacted by Ga. L. 2012, p. 97, § 2/HB 744.)
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