An estate trustee brought an application for court opinion, advice, and direction regarding the sale of estate real property subject to successive purchase options in a testator's will.
The respondent had purported to exercise his first right of purchase by email within 30 days of receiving notice, without submitting a formal offer or proof of financing.
The court held that the respondent validly exercised his option through informal notice, as the will imposed no formal requirements.
The court further held that fair market value was to be determined as of the date the respondent gave notice of his intention to purchase, not as of the date of the life tenant's death, and accepted the estate trustee's appraisal valuing the property at $1.8 million following a municipal by-law exemption permitting separate conveyance of the two lots.
The respondent was afforded 30 days to submit a written offer at the appraised value or be deemed to have waived his rights.
