(a) If the court orders a sale of heirs' property, the sale shall 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.
(b) If the court orders an open-market sale and the parties, not later than ten days after the date of 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 real estate broker and establish a reasonable commission. If the parties do not agree on a real estate 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 real estate 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.
(c) If the real estate broker appointed under subsection (b) of this section obtains, within a reasonable time, an offer to purchase the property for at least the determination of value: (1) The real estate broker shall comply with the reporting requirements in section 52-503p; and (2) the sale may be completed in accordance with requirements of state law other than the requirements prescribed in sections 52-503f to 52-503r, inclusive.
(d) If the real estate broker appointed under subsection (b) of this section 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:
(1) Approve the highest outstanding offer, if any;
(2) Redetermine the value of the property and order that the property continue to be offered for an additional time; or
(3) Order that the property be sold by sealed bids or at auction.
(e) If the court orders a sale by sealed bids or at auction, the court shall set terms and conditions of the sale. If the court orders an auction, the auction shall be conducted in accordance with the provisions of this chapter.
(f) 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.
(P.A. 15-234, S. 10.)
Structure Connecticut General Statutes
Chapter 919 - Partition or Sale of Real or Personal Property
Section 52-495. - Partition of joint and common estates.
Section 52-496. - Devise of freehold with contingent interest; partition.
Section 52-497. - Decrees to be recorded in land records.
Section 52-498. - Sale of land when trust cannot be executed.
Section 52-499. - Sale of land to promote the interest of beneficiaries.
Section 52-501. - Sale of building and land owned by different parties. Disposition of proceeds.
Section 52-502. - Orders to protect parties and effectuate sale. Sale by committee.
Section 52-503. - Partition or sale of property when estate in settlement.
Section 52-503f. - Short title: Uniform Partition of Heirs' Property Act.
Section 52-503g. - Definitions.
Section 52-503h. - Applicability of provisions.
Section 52-503i. - Service. Notice by posting.
Section 52-503j. - Committee members.
Section 52-503k. - Determination of value.
Section 52-503l. - Cotenant buyout.
Section 52-503m. - Partition alternatives.
Section 52-503n. - Considerations for partition in kind.
Section 52-503o. - Open-market sale. Sealed bids. Auction.
Section 52-503p. - Report of open-market sale.
Section 52-503q. - Uniformity of application and construction.
Section 52-503r. - Relation to Electronic Signatures in Global and National Commerce Act.