20 Apr Must executor wait before selling a deceased person’s home?

Q. Is there any way that I, as executor, can sell real property — the home of the decedent — prior to receiving a waiver from the New Jersey Division of Taxation? For example, can the title company hold a portion of sale proceeds to protect the state’s inheritance tax interests. The estate is incurring tax and utility expenses with regard to the home while I am trying to get a handle on the decedent’s IRA and stock holdings. There is an interested buyer.
— Executor

A. Taking on the role of executor is a very important responsibility.

As such, we’re glad you asked.

And we have good news.

An executor can sell real property prior to receiving a tax clearance waiver from the New Jersey Division of Taxation, said Shirley Whitenack, an estate planning attorney with Schenck, Price, Smith & King in Florham Park.

“Generally, the title company will hold a substantial portion of the sales proceeds in escrow pending the issuance of the tax waiver,” she said.

Good luck with the sale and settling the estate.

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This story was originally published on April 20, 2022.

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