Montana Code 70-29-415. Report of open-market sale
70-29-415. Report of open-market sale. (1) Unless required to do so within a shorter time by any other law of this state, a broker appointed under 70-29-412(2) to offer heirs property for open-market sale shall file a report with the court not later than 7 days after receiving an offer to purchase the property for at least the value determined under 70-29-410 or 70-29-414.
Terms Used In Montana Code 70-29-415
- Heirs property: means real property held in tenancy in common that satisfies all of the following requirements as of the filing of a partition action:
(a)there is no agreement in a record binding all the cotenants that governs the partition of the property;
(b)one or more of the cotenants acquired title from a relative, whether living or deceased; and
(c)any of the following applies:
(i)20% or more of the interests are held by cotenants who are relatives;
(ii)20% or more of the interests are held by an individual who acquired title from a relative, whether living or deceased; or
(iii)20% or more of the cotenants are relatives. See Montana Code 70-29-402
- Property: means real and personal property. See Montana Code 1-1-205
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
(2)The report required by subsection (1) must contain the following information:
(a)a description of the property to be sold to each buyer;
(b)the name of each buyer;
(c)the proposed purchase price;
(d)the terms and conditions of the proposed sale, including the terms of any owner financing;
(e)the amounts to be paid to lienholders;
(f)a statement of contractual or other arrangements or conditions of the broker’s commission; and
(g)other material facts relevant to the sale.