1. (1) Unless required to do so within a shorter time by any other law of this state, a broker appointed under 70-29-412(2) to offer heirs property for open-market sale shall file a report with the court not later than 7 days after receiving an offer to purchase the property for at least the value determined under 70-29-410 or 70-29-414.

2. (2) The report required by subsection (1) must contain the following information:

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

History: En. Sec. 11, Ch. 263, L. 2013.