Please help me understand?

Question

When you sell your home how soon do you get the payment for your home from the bank!?

My grandparents both passed away and there home was to be sold and divided between all the children! well it was sold and the will puts one of the brothers in charge of dividing the money! coem to find out he was arrested last year for stealing money from his job and spent time in jail! now this house has been sold for over 2 weeks and no one has heard anything about money, this is why iI am trying to find out more about this process!

Answer 1

the money is dispersed from the bank at the close of escrow.

Answer 2

You don't get money from the bank, you get it from the closing agent -- either a title company or an attorney. That money would be paid to the executor of the estate. It would have been paid to the executor at closing or within a day or two if they opted for a wire transfer.

First off, the will doesn't put anyone in charge of anything. While the decedent's will may express a desire that a certain person be appointed by the court as executor, the court has the final decision in that matter. Someone walking into the closing agent with a copy of the will isn't going to walk out with anything unless they have the court order appointing them as executor.

You need to ask the executor where the money is. They will have to prove to the court that it was used properly. First off, if there are any debts owed by the estate, the funds will be used to pay those off. This can take some time; most jurisdictions specifiy a time limit on claims against an estate but you're going to have to wait at least that long.

Once the debts of the estate are paid off, any remainder will be divided among the heirs according to the terms of the will. If the decease died intestate (without a will) the remainder will be divided according to the laws of the state where they died or possibly the laws of the state where they were legally domiciled if it's different from the state where they died.

If the proceeds from the estate are not sufficient to pay off all of the debts, there will be nothing for the heirs to divide hence they will get nothing.

If you feel that the executor named by the court is not honest or trustworthy or is not performing their duties properly you should have your attorney challenge the appointment of that person as executor and ask for a substitute executor (preferably an attorney or trust officer at a bank who has no financial interest in the estate) to be appointed by the court. If the court accepts your petition it will require the current executor to turn over any funds and paperwork to the new executor.

FYI to those folks who mentioned a power of attorney, powers of attorney have nothing to do with the matter. If your grandparents had given the person named as executor a power of attorney to act on their behalf during their lifetimes, that power of attorney died with them and is not longer valid. Any attempt to use that to get funds from the estate is fraud and carries a significant prison term upon conviction.

At this point you should get an attorney involved to sort things out before someone attempts to abscond with the funds.

Answer 3

you need to find out who the title company is. there is a difference between the house is sold and the house has been closed on. you would need to know which step this is. because the executor has made a mistake and character is a question i would make sure your parent(s) are aware of each step, as they should be. if the people who bought the house are living in it, then yes the money has exchanged hands. some banks put a hold on the money or it could be placed in a escrow account or probate with the court. a lot depends on what kind of estate your grandparents left. a trust would release money immediately, a will or without a will puts the money into the courts and it can stay there as long as 2 years depending on debts. i would call your uncle, or the court house and talk to the probate office. hope this helps.

Answer 4

It all depends on how the will is written. If it wasnt in a Trust it may have to go through probate and court procedings. If your brother had sole power of attorney, you have to wait until taxes are pd (if owed) on the money you are to recieve and so on. It took 2 years for my family to get paid on the sale of my grandmothers house. The legalities can be dense and it is up to the person in charge of her estate to answer any and all questions you have regarding the matter.

Answer 5

I Inherited my grandparents home with my 2 brothers and dad. Same as you. We got the money at close of escrow, usually 30 days.
Try to get your brother to sign over power of attorney to you. If he doesnt, then I would get a court order. Considering what hes in jail for, it shouldnt be a problem.

Answer 6

If you sold your home and it was through a real estate agent and it was closed at a title company you should have got your money that day or the next.

Answer 7

After the check is passed to you and is cleared which should take a few days depending on the bank

Answer 8

Sometimes it takes up to 60 days, u need to go talk to your brother if he was left power of attorney.
Get him to sign the power of attorney over to you so u can get the ball game rollin or the state will take the money

Answer 9

You all should have been at that closing. Since legally it was left to you all... It was legal in selling that home without you all. You might consider getting an attorney.

Answer 10

You'll usually leave the closing with a check in your hand from the title company, but with an estate ( or a crooked relative ) , I don't know.