Posted on: 20th May, 2011 04:12 pm
My Mom died and left her house to the three of us.They are going to buy me out.What is the process we need to go thru.Talked to an attorney and his fees were very high.Would a quit claim suffice?
It depends and we would need more info. Is there a loan currently on the property? If there is a loan, the only way to change persons on the loan is to refi. Once refied, then you can receive your portion and sign a quitclaim to transfer your rights in the property. If there is no loan, then you would just quitclaim and if your family has the cash to pay you off, then sign off on the deed. Please contact if you need more info, since I dont have your full scenario.
Welcome chukhunter,
You can transfer your share of the property through a quitclaim deed to your siblings. You should mention the amount of money which will be paid to you in the deed as well. Though the attorney is charging you a high fees, it is better to take his/her help in this matter.
You can transfer your share of the property through a quitclaim deed to your siblings. You should mention the amount of money which will be paid to you in the deed as well. Though the attorney is charging you a high fees, it is better to take his/her help in this matter.
clearly, you can shop around for a cut-rate attorney, so to speak, but there's no doubt that you need legal advice so as to protect all parties' interest in the transaction. whatever compensation for your transferring your portion of the property over would need to be spelled out - not necessarily on a quit claim deed, but on accompanying documentation, to say the least. for this, i declare, you'll need the assistance of legal counsel.
