(a) In an open market sale of heirs property, a broker or seller shall file a report with the court not later than seven days after receiving an offer to purchase the property for at least the determination of value or the amount ordered by the court.
Lien: A claim against real or personal property in satisfaction of a debt.
property: includes both real and personal property. See Alabama Code 1-1-1
(b) The report required by subsection (a) shall contain all of the following information:
(1) A description of the property to be sold to each buyer.(2) The name of each buyer.(3) The proposed purchase price.(4) The terms and conditions of the proposed sale, including the terms of any owner financing.(5) The amounts to be paid to lien holders.(6) A statement of contractual or other arrangements or conditions of the broker’s commission.(7) Other material facts relevant to the sale.
