Posted on: 02nd Jan, 2010 10:04 pm
My brother and I bought a building and paid cash. My brother wants to buy me out of my 1/2 of the building. What is the easiest way to do this? Does it have to go through escrow? I think he may need to take out a loan to pay me off. Can I just sign a quick claim deed?
>>What is the easiest way to do this?
Have him pay you 50% of the value of the property in cash.
>>Does it have to go through escrow?
No, but I'd have a Real Estate Attorney handle the paperwork if I were you.
>>I think he may need to take out a loan to pay me off.
It shouldn't make any difference to you what he has to do, as long as he provides you with the cash. Alternatively, you could carry the paper and have him make payments to you.
>>Can I just sign a quick claim deed?
He can. Once he pays you off, he can be removed from Title with a Quit Claim. Don't do it until you receive 100% of your money.
Have him pay you 50% of the value of the property in cash.
>>Does it have to go through escrow?
No, but I'd have a Real Estate Attorney handle the paperwork if I were you.
>>I think he may need to take out a loan to pay me off.
It shouldn't make any difference to you what he has to do, as long as he provides you with the cash. Alternatively, you could carry the paper and have him make payments to you.
>>Can I just sign a quick claim deed?
He can. Once he pays you off, he can be removed from Title with a Quit Claim. Don't do it until you receive 100% of your money.