1. (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.

2. (b) The report required by subsection (a) must contain the following information:

   1. (1) a description of the property to be sold to each buyer;
   2. (2) the name of each buyer;
   3. (3) the proposed purchase price;
   4. (4) the terms and conditions of the proposed sale, including the terms of any owner financing;
   5. (5) the amounts to be paid to lienholders;
   6. (6) a statement of contractual or other arrangements or conditions of the broker's commission; and
   7. (7) other material facts relevant to the sale.

(Source: P.A. 101-520, eff. 8-23-19.)