(A) Unless required otherwise to do so within a shorter time, a broker appointed under Section 15-61-400, to offer heirs' property for open-market sale shall file a report with the court not later than ten days after receiving an offer to purchase the property for at least the value determined pursuant to Section 15-61-360 or 15-61-400.
(B) The report required by subsection (A) must 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 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.
HISTORY: 2016 Act No. 153 (H.3325), Section 1, eff January 1, 2017.
Editor's Note
2016 Act No. 153, Section 6, provides as follows:
"SECTION 6. This act takes effect on January 1, 2017, and applies to partition actions filed on or after that date."