An eligible purchaser may purchase, during the probate, all or part of the estate of a person who died on or after June 20, 2006.
(a) Any interest in trust or restricted property, including a life estate that is part of the estate (i.e., a life estate owned by the decedent but measured by the life of someone who survives the decedent), may be purchased at probate with the following exceptions:
(1) If an interest is included in an approved consolidation agreement, that interest may not be purchased at probate without consent of the owner of the consolidated interest; and
(2) An interest that a devisee will receive under a valid will cannot be purchased without the consent of the devisee.
(b) A purchase option must be exercised before a decision or order is entered and must be included as part of the order in the estate. [73 FR 67289, Nov. 13, 2008, as amended at 76 FR 7507, Feb. 10, 2011]