§ 15-61-410 — Report of broker appointed to offer heirs' property for open-market sale.

(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.

Legislative History

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."