Since you were appointed Executor, there must be a Will (as opposed to an Administrator, who is appointed when there is no Will). It is pretty common for a Will to include a power to sell real estate. If that is the case, then a License to Sell is not strictly necessary. The License to Sell would provide you with some "price protection", but that comes at the price of going through a somewhat involved court proceeding.

In any event, you are in the process of obtaining the License. The answer is that you can sign the Purchase and Sale Agreement, but you need to be certain to include language that indicates that your obligation to proceed with the sale is specifically contingent upon obtaining a License to Sell from the Probate Court, at the price and under the conditions set forth in the Purchase and Sale Agreement, that such License is still in effect as of the date of closing, and that no "better" offer comes in before you get the License. The attorney that has helped you get this far should have that language - or maybe even the broker has a sample you could review. The issue is that once you sign the Purchase and Sale Agreement, you are legally obligated to sell the property to the buyer.

If you cannot sell (for whatever reason), the buyer can sue you, individually. Further, as a fiduciary you have an obligation to get the highest and best price for the property. If a better offer comes in before the sale - what do you do: Sell to the original buyer and be sued by the beneficiaries for not getting the highest price; or sell to the new buyer and be sued by the first? So please make sure to include that language. The buyer may be uncomfortable - but it is very standard, and if explained correctly they should be fine.

Attorney Peter Bernardin