Posted on: 26th Mar, 2008 03:50 pm
Hello,
The heirs to our family property are all signing a quit claim to me. I will be paying each family individually. My banker has advised to write checks so that a record can be maintained by me. My family is insisting on cash payouts. They will have no record of the income. Is this logical or even advisable?
Thanks for your time,
Richard
The heirs to our family property are all signing a quit claim to me. I will be paying each family individually. My banker has advised to write checks so that a record can be maintained by me. My family is insisting on cash payouts. They will have no record of the income. Is this logical or even advisable?
Thanks for your time,
Richard
Hi,
Welcome to the forum.
I think your banker has given you good advice. You should better write checks to have a record of it. When you are paying for the quitclaim then why should not you have the record with you?
Feel free to ask if you have any further questions.
Best of luck,
Larry
Welcome to the forum.
I think your banker has given you good advice. You should better write checks to have a record of it. When you are paying for the quitclaim then why should not you have the record with you?
Feel free to ask if you have any further questions.
Best of luck,
Larry
Hi Richard,
First of all talk to them and ask them why they are insisting on cash payouts. Then if you feel they're justified, you can offer them cash payouts. But you will have to draft the quitclaim deed such that the amount is mentioned there. Take help of a real estate attorney in drafting the deed.
Thanks,
Jerry.
First of all talk to them and ask them why they are insisting on cash payouts. Then if you feel they're justified, you can offer them cash payouts. But you will have to draft the quitclaim deed such that the amount is mentioned there. Take help of a real estate attorney in drafting the deed.
Thanks,
Jerry.