Posted on: 20th Mar, 2008 02:12 pm
What is the best way to seperate a farm into 5 titles?
My husband and his sisters, and brother own the family farm and we're wanting our part, 78 acres, seperated from the rest.
We're wanting to know which is the best way to do so.
Thank you,
Triple_T
My husband and his sisters, and brother own the family farm and we're wanting our part, 78 acres, seperated from the rest.
We're wanting to know which is the best way to do so.
Thank you,
Triple_T
Hi Triple_T,
Welcome to the forum.
If it is a mortgaged property then you will have to use a quitclaim deed. In that case you will have to inform the lender about the quitclaim. Your husband and his sisters, and brother will have to quitclaim as grantor and five of you will be grantee. Thus all five of you will be added on the deed.
But if the property is free from mortgage then you can use a grant deed.
Contact an attorney. He will prepare the deed and help you to make the deed valid.
Feel free to ask if you have any further questions.
Best of luck,
Larry
Welcome to the forum.
If it is a mortgaged property then you will have to use a quitclaim deed. In that case you will have to inform the lender about the quitclaim. Your husband and his sisters, and brother will have to quitclaim as grantor and five of you will be grantee. Thus all five of you will be added on the deed.
But if the property is free from mortgage then you can use a grant deed.
Contact an attorney. He will prepare the deed and help you to make the deed valid.
Feel free to ask if you have any further questions.
Best of luck,
Larry
Do you want to physically divide up the property, or just divide title into 5 equal shares?
If you want to physically divide the land, you need to subdivide. Talk to a local real estate attorney about that.
If you want to transfer ownership equally among 5 persons, have the current owner sign a Grant Deed granting the property to the 5 persons as the Grantees as Tenants in Common. Notarize and record the deed in the county Recorder's office in the county where the property is located.
If you want to physically divide the land, you need to subdivide. Talk to a local real estate attorney about that.
If you want to transfer ownership equally among 5 persons, have the current owner sign a Grant Deed granting the property to the 5 persons as the Grantees as Tenants in Common. Notarize and record the deed in the county Recorder's office in the county where the property is located.
