(a) Unless required to do so within a shorter time by Article XVII of the Code of Civil Procedure, a broker appointed under Section 10(b) to offer heirs property for open-market sale shall file a report with the court not later than seven days after receiving an offer to purchase the property for at least the value determined under Section 6 or 10.
     (b) The report required by subsection (a) must contain 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 lienholders;
         (6) a statement of contractual or other arrangements
    
or conditions of the broker’s commission; and
        (7) other material facts relevant to the sale.
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