Estate Sale (home) -RE: Assurity Bond ?

[Don_G]

RE: Mass Estate scenario ( Home Sale)

Q: Is the Administrator of an Estate obligated by law (not sure if one applies for MA) to place the proceeds from the sale of the estate,in this case a home, into a "Assurity Bond"?

Q: If this is true, What is the "Assurity Bond" designed to do?


First 2 questions of secerval that I will post shortly pending answers/help. Thank You

Don G

 

[woppenhe]

I had been asked by the title insurance /escrow company to purchase a bond since the house is selling within 6 months of the decedents death. They wanted tol hold the proceeds in escrow for 6 months, but I told them that we would have hold the keys to the house in escrow for the same period. I told them that they have already been paid to search the tilte for creditors, and to provide title insurance, and why would I want to purchase a bond to protect them. After telling me that this was written into Maryland law, thye have now agreed to take an affidavit from me that there are no known creditors and that all taxes have been paid. Makes you wonder.