Posted on: 07th Dec, 2011 04:15 pm
A brother-sister-brother need to perform 2 transactions:
1. Older bro wants to buy property left to all 3 from other 2.
This is residential property. A normal 'residential sales contract' would work, correct?....Older bro is NOT a seller on this contract (as he already owns 1/3), so Sister/younger Bro are sellers with Older Bro being BUYER, correct?
Sales price is set, but contract should reflect sales price less equity ownership interests of 1/3 (currently already owned by BUYER), correct?
Younger Bro paid off-mortgage (in name of estate), so BUYER is due to pay equity interests to Sister/Brother + pay Younger Bro for mortgage payoff, correct?
At the end of monies transfer/filing, Older Bro owns all of property interest.
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2nd transaction:
All 3 own unimproved land:
Younger Bro is to buyout Older Bro 1/3 interest:
Contract is 'unimproved land' - Older Bro is Seller of his 1/3 interest.
Younger Bro is BUYER of 1/3 interest (2/3 total upon completion).
Sister has no play here.
WILL WARRANTY DEED be best instrument IF previous title is known to be clear (inherited from parents)?
Do I have this right? Suggestions?
1. Older bro wants to buy property left to all 3 from other 2.
This is residential property. A normal 'residential sales contract' would work, correct?....Older bro is NOT a seller on this contract (as he already owns 1/3), so Sister/younger Bro are sellers with Older Bro being BUYER, correct?
Sales price is set, but contract should reflect sales price less equity ownership interests of 1/3 (currently already owned by BUYER), correct?
Younger Bro paid off-mortgage (in name of estate), so BUYER is due to pay equity interests to Sister/Brother + pay Younger Bro for mortgage payoff, correct?
At the end of monies transfer/filing, Older Bro owns all of property interest.
-------
2nd transaction:
All 3 own unimproved land:
Younger Bro is to buyout Older Bro 1/3 interest:
Contract is 'unimproved land' - Older Bro is Seller of his 1/3 interest.
Younger Bro is BUYER of 1/3 interest (2/3 total upon completion).
Sister has no play here.
WILL WARRANTY DEED be best instrument IF previous title is known to be clear (inherited from parents)?
Do I have this right? Suggestions?
You are absolutely right. You can take the help of an attorney.