My question involves estate proceedings in the state of: NJ
I posted late November - early December in regards to administrating the estate of my brother. Things are moving along after that initial overwhelming feeling & as I take it piece by piece things are falling into place. I know i'm getting ahead of myself but need input on the following. My older brother & myself are the only beneficiaries of the estate as we are the next of kin. My older brother is interested in buying the house in probate which is ok with me. The home equity loan has 30k due that the estate will pay in full. My question is, at what point can my brother purchase the house & move in. Tax waivers are required from NJ taxation & will be sent after the estate tax return is processed & approved, and receiving the waivers can take up to 6 months.
I never had this situation in previous administrating & want to do it properly. If the HELOC gets paid off, is the house title clear to sell/purchase before receiving the tax waiver? If not, can he still move in & "rent" the house from the estate in the interim? Any advice is appreciated & also let me know if i'm overlooking anything or doing anything incorrectly. Even though he's my brother, I have to do things in a proper manner.