Trustee (a family member) blocking real estate sale of the family farm. It is a land sale but divided into lots.
He does NOT have a trust agreement but is shown as Trustee on the deed of one of the lots that make up the sale.
He is owner of another lot. He has been told by lawyers he does not own the lot that was in trust for his now deceased brother.
He refuses to sign on both his lots ( in the middle of the land) so Buyer is not interested unless these are part of the sale.
There are 13 sellers/heirs. All except him has signed both Earnest money contract and conveyance at closing. He signed the Earnest Money
Contract but refuses to sign the conveyance unless his siblings give him thousands of dollars extra. The Buyer is ready to back out if not settled very soon.
It has been discovered that he mismanaged the money left in his possession to care for his brother.
All his siblings have tried to reason with him with no success....
The legal fees and closing costs will still have to be paid even if it does not sell.
Want to remove him as Trustee but would take time and as an heir, think he can still block the sale. Any feedback would be helpful.
So frustrating!!!
Thanks
He does NOT have a trust agreement but is shown as Trustee on the deed of one of the lots that make up the sale.
He is owner of another lot. He has been told by lawyers he does not own the lot that was in trust for his now deceased brother.
He refuses to sign on both his lots ( in the middle of the land) so Buyer is not interested unless these are part of the sale.
There are 13 sellers/heirs. All except him has signed both Earnest money contract and conveyance at closing. He signed the Earnest Money
Contract but refuses to sign the conveyance unless his siblings give him thousands of dollars extra. The Buyer is ready to back out if not settled very soon.
It has been discovered that he mismanaged the money left in his possession to care for his brother.
All his siblings have tried to reason with him with no success....
The legal fees and closing costs will still have to be paid even if it does not sell.
Want to remove him as Trustee but would take time and as an heir, think he can still block the sale. Any feedback would be helpful.
So frustrating!!!
Thanks
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