70-29-415. Report of open-market sale. (1) Unless required to do so within a shorter time by any other law of this state, a broker appointed under 70-29-412(2) to offer heirs property for open-market sale shall file a report with the court not later than 7 days after receiving an offer to purchase the property for at least the value determined under 70-29-410 or 70-29-414.
(2) The report required by subsection (1) must 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) other material facts relevant to the sale.
History: En. Sec. 11, Ch. 263, L. 2013.