(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.
(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.
Structure Code of Alabama
Chapter 6A - Alabama Uniform Partition of Heirs Property Act.
Section 35-6A-1 - Short Title.
Section 35-6A-2 - Definitions.
Section 35-6A-3 - Application and Construction of Chapter.
Section 35-6A-4 - Service of Process.
Section 35-6A-5 - Commisioners.
Section 35-6A-6 - Determination of Value of Property; Appraisal; Notice and Hearing.
Section 35-6A-7 - Request for Partition by Sale; Purchase of Interests.
Section 35-6A-8 - Partition in Kind - Circumstances.
Section 35-6A-9 - Partition in Kind - Factors.
Section 35-6A-10 - Methods of Sale.
Section 35-6A-11 - Report Required for Open Market Sale.
Section 35-6A-12 - Effect on Mortgage, Lien, or Obligation.