For estate attorneys, executors and trust officers: valuing and selling a commercial building
When an estate or trust holds a commercial building, the representative needs a defensible value, a plan for the tenants and a sale that will hold up to the heirs’ questions. Here is how I work with you.
I give estate attorneys, executors and trustees a written broker opinion of the building’s value as of the date of death or today, based on recorded sales and the leases, at no charge and within 48 hours. The opinion states that it is not an appraisal, as Illinois law requires. When the estate tax return or the court calls for an appraisal, I give the appraiser the sales I relied on. If the estate sells, I handle the sale for the representative. I market to buyers already looking, report offers in writing, and direct heirs’ questions to the representative and counsel.
From the first call to the closing
Each step is in writing, so the file shows how the value was determined and how the sale was run.
| Step | What you get | Why it matters |
|---|---|---|
| Value as of a date | A written broker opinion of value as of the date of death or today | A starting point for the inventory, the heirs’ decisions and the listing price |
| Building check | A walk-through with notes on condition, occupancy and any obvious issues | Problems found early can be fixed or priced before a buyer finds them |
| Lease review | The rent roll and leases summarized: terms, rent, deposits, options | The leases generally continue through the estate, and buyers price them |
| The sale | Marketing, showings and every offer reported in writing to the representative | A clear record if an heir questions the price |
| Closing | Coordination with counsel, the title company and the buyer’s lender | Fewer delays at the end |
Broker opinion or appraisal?
They answer different questions, and the estate may need both.
When an appraisal is the right tool
An estate tax return, a court proceeding or a dispute among heirs often calls for a written appraisal; counsel or the tax preparer decides. The federal return asks how values were determined and for copies of any appraisals.
When a broker opinion helps
Deciding whether to keep, lease or sell; setting a listing price; and giving the heirs a market view early. It reflects what buyers were paying as of the valuation date, from recorded sales and the leases.
The two together
I can give the appraiser the comparable sales and lease details I used, which saves time on both sides.
What changes when the seller is an estate or trust
The building sells like any other, with a few extra steps.
Authority to sign
Buyers and title companies will ask for the letters of office or the trust documents. An independent representative in Illinois can usually sell real estate without a separate court order, subject to the will, any specific gift of the building and the bond rules; a supervised estate generally needs leave of court, which affects the contract’s timing. Counsel confirms which applies.
Selling as is
Estates often sell without making repairs, and the representative may know little about the building’s history. Price it accordingly and disclose what is known. See how due diligence kills a sale.
Tenants
The leases continue. Rent goes to an estate or trust account, and tenants need notice of who to pay and how showings will work.
An example
A family inherited a 38,534 SF flex campus in Northbrook with more than two dozen tenants, a half-time caretaker and a rent roll nobody fully understood. I got the tenants current, leased the vacancies and sold it for $2,250,000. Read the Sky Harbor case study.
Heirs who disagree
A documented value and a fair marketing process are the best answer to an heir who thinks the price was wrong. When a partition case falls under Illinois’s heirs property law, a court-ordered sale generally goes to the open market through a licensed broker. A buyout by one heir at an agreed value is often the simplest path.
What I need from you
Enough to value the building and know who can sign.
The basics
The address, the date of death, and who the representative or trustee is.
The building’s papers
Leases and the rent roll, recent tax bills, insurance, and the last few years of income and expenses if it was rented. See the property tax index for typical taxes by town.
Access
Keys or a contact who can open the building for a walk-through.
Common questions
Can a broker opinion of value be used for the estate tax return?
It isn’t an appraisal, and Illinois requires it to say so. Use the broker opinion to decide what to do and to price a sale. What to attach to the return is for the estate’s attorney or tax preparer; usually it is a written appraisal.
Is there a charge, and how fast is it?
There is no charge for the written opinion of value. I deliver it within 48 hours of receiving the address, the date of death and, for a leased building, the leases or rent roll.
Who do you report to: the executor or the heirs?
The representative or trustee, who signs the listing agreement. Questions from heirs go through the representative and counsel.
Can you help with clean-out, repairs or environmental reports?
I can refer the estate to contractors and consultants I know and coordinate access. You’ll find them on my Owner’s Rolodex. The estate hires them directly.
Do you handle buildings outside Lake County?
Yes, across the north and northwest Chicago suburbs and the O’Hare corridor.
An estate or trust with a commercial building?
Send me the address and the date of death. I’ll prepare a written opinion of value for the representative and counsel, along with a plan for the tenants and the sale.
Jason Bitton is a commercial real estate broker with RE/MAX Commercial in Libertyville, IL — #1 RE/MAX Commercial Broker in Illinois (2022, 2024, 2025) — serving Lake County, the North Shore, the O’Hare corridor, and the Chicago suburbs.