Posted on: 16th Dec, 2008 09:51 am
My mom owns property that the tax accountant told her to set up as a business (family farm) so that if anyone got hurt there, they could only sue for the farm and not her other property. So she did. Now she is sick and would like to have the property transferred to my brother but a lawyer told him she couldn't quitclaim it to him because it is a business. Is this true and how can she transfer the property to him?
Hi psk!
Welcome to forums!
As far as I know, yes, one cannot quitclaim to transfer a business to someone else. If your mother wants to transfer ownership of the business to your sibling, she can do so by either sale, lease and gradual sale. You mother can out-rightly sell the property to your sibling or she can lease it to him and get a set amount of money at a set interval for the life of the agreement. She can also go in for a gradual sale, where she will get paid in installments. When all the installments have been paid, she can then transfer over full ownership of the business to your sibling.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
As far as I know, yes, one cannot quitclaim to transfer a business to someone else. If your mother wants to transfer ownership of the business to your sibling, she can do so by either sale, lease and gradual sale. You mother can out-rightly sell the property to your sibling or she can lease it to him and get a set amount of money at a set interval for the life of the agreement. She can also go in for a gradual sale, where she will get paid in installments. When all the installments have been paid, she can then transfer over full ownership of the business to your sibling.
Feel free to ask if you have further queries.
Sussane