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Both my parents are in an assisted living facility. My sister is power of attorney. 
I want to buy my parents home fair market value
She said we have to put it on the market, get a realtor
I don’t agree. I feel we can use a title company
Both parents have dementia
please help

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A title company should be enough. You don't need to put it up for sale nor do you need a realtor. I may get an assessor to determine Market Value.
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Ask your sister why she wants to hand a percentage of the sales price over to a Realtor for doing nothing. That might help her understand why it isn't necessary. It's like a FSBO sale (for sale by owner).
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It will depend greatly on where the house is and whether or not the area is experiencing a real estate boom right now.

I live in a smaller community commuting distance from my Provincial Capital. My house assessment is under $400K, this is the number my property taxes are based upon. I could easily sell it for $600K in less than a week. Which is FMV?

At very least you need to have a realistic appraisal done on the property.
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