Posted on: 23rd May, 2007 07:53 am
As an Executor and Beneficiary with four additonal beneficiaries of a Trust/Will, if I chose to buy the property do I need to have the other beneficiaries signature of approval? Who makes the final decision? Is Quitclaim better?
Hi Rose,
If you want to buy the property then approval of the other beneficiaries will be required as they have a share in the property as per the will.
If you want to buy the property then approval of the other beneficiaries will be required as they have a share in the property as per the will.
Hi Rose,
Welcome to the forums.
If there are other beneficiaries, then you should have their signatures of approval and only then it is possible for you to buy the property. But if you wish to buy it, I feel the other beneficiaries will demand a price for their individual shares of interest in property.
If you wish to buy the property and there's no lien on it, I think you can use a warranty deed. Such a deed is mostly used when the property title is clear and free of liens. And, unlike a quitclaim deed, the warranty deed mentions that the person transferring property is its legal owner.
Take Care
Welcome to the forums.
If there are other beneficiaries, then you should have their signatures of approval and only then it is possible for you to buy the property. But if you wish to buy it, I feel the other beneficiaries will demand a price for their individual shares of interest in property.
If you wish to buy the property and there's no lien on it, I think you can use a warranty deed. Such a deed is mostly used when the property title is clear and free of liens. And, unlike a quitclaim deed, the warranty deed mentions that the person transferring property is its legal owner.
Take Care