Executors manage complex fiduciary duties — and probate real estate sales in Manhattan add additional layers of challenge.
Here are the most common mistakes.
1. Listing the Property Before Receiving Court Authority
Executors must have:
- Letters Testamentary
- Letters of Administration
Listing too early can invalidate a sale.
2. Underestimating Co-Op Requirements
Common issues:
- Incomplete board packages
- Weak buyer candidates
- Missing documents
- Delayed board approvals
3. Ignoring Occupancy Problems
Executors often confront:
- Tenants
- Family members
- Unauthorized occupants
- Storage issues
Legal procedures must be followed.
4. Inadequate Valuation
An improper valuation affects:
- IRS filings
- Beneficiary distributions
- Court approval
- Listing price
5. Accepting the Wrong Offer
Not all “highest offers” are best.
Factors include:
- Co-op approval likelihood
- Cash vs financed
- Timeline
- Conditions
6. Poor Documentation
Executors must keep:
- Offer logs
- Correspondence
- Court documents
- Accounting records
7. Not Using Lawyer-Led Representation
Probate + Manhattan real estate = high liability.
Executors need expert guidance.
For executor-focused representation:
Call 646-290-7380