(1) If the court orders a sale of heirs property, the sale must be an open-market sale unless the court finds that a sale by sealed bids or an auction would be more economically advantageous and in the best interest of the cotenants as a group.
(2) If the court orders an open-market sale and the parties, not later than 10 days after the entry of the order, agree on a real estate broker licensed in this state to offer the property for sale, the court shall appoint the broker and establish a reasonable commission. If the parties do not agree on a broker, the court shall appoint a disinterested real estate broker licensed in this state to offer the property for sale and shall establish a reasonable commission. The broker shall offer the property for sale in a commercially reasonable manner at a price no lower than the determination of value and on the terms and conditions established by the court.
(3) If the broker appointed under subsection (2) obtains within a reasonable time an offer to purchase the property for at least the determination of value:

(a) The broker shall comply with the reporting requirements in s. 64.211; and

Terms Used In Florida Statutes 64.210

  • Determination of value: means a court order determining the fair market value of heirs property under…. See Florida Statutes 64.202
  • Heirs property: means real property held in tenancy in common which 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 which 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:
(b) The sale may be completed in accordance with the laws of this state other than this part.
(4) If the broker appointed under subsection (2) does not obtain within a reasonable time an offer to purchase the property for at least the determination of value, the court, after hearing, may:

(a) Approve the highest outstanding offer, if any;
(b) Redetermine the value of the property and order that the property continue to be offered for an additional time; or
(c) Order that the property be sold by sealed bids or at an auction.
(5) If the court orders a sale by sealed bids or an auction, the court shall set terms and conditions of the sale. If the court orders an auction, the auction must be conducted under part I of this chapter.
(6) If a purchaser is entitled to a share of the proceeds of the sale, the purchaser is entitled to a credit against the price in an amount equal to the purchaser’s share of the proceeds.