Home Selling in 02364>Question Details

Diane, Home Seller in 02364

If there are multiple owners of a property, and we sell it will they issue a separate check to each owner for there profits??

Asked by Diane, 02364 Wed Jun 27, 2012

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8
Sure... happens all the time if there are estate situations. Just let the closing attorney know how you want it paid out and they can arrange it.
0 votes Thank Flag Link Sat Jun 30, 2012
It is probably more of a legal question, as we do not know how you perceive owners, are they all on the title and have to sign off on the agreed upon final sale price which may be different from the intitial asking price.... Is it a trust, is there a will, or just several owners owning one property???

The attorney who represents you --- all of you the Sellers will be able to determine how the proceeds
will be distributed, either separate equal checks at the closing table or eventually one check to for example the executor of a will and then the executor will take care of the distribution.

Get the advice of a good real estate attorney......

Sincerely yours,
Edith YourRealtor4Life & Chicago and Northern Illinois Expert
Working always in the very BEST interest of her clients, Buyers, Sellers and Investors alike....
Covering for @Properties the city of Chicago, all N and NW suburbs, the fine homes on the
North Shore, and many of the W and SW suburbs, and with her trusted Partner Agents all of
the US and worldwide properties. Edith speaks French, German, some Spanish and other.....
@Properties, 30 Green Bay Rd, Winnetka, Illinois 60093 ---- EdithDoesItRight@yahoo.com or EdithSellsHomes@gmail.com Check out my website at htttp://www.tinyurl.com/MeetEdithHere
get to know me better and learn about my experience, expertise, services available and letters of recommendation of former clients..... Also you can sign up on my site to search for properties in my expanded service area. HAVE THE MOST WONDERFUL DAY :)
0 votes Thank Flag Link Fri Jun 29, 2012
Make sure all of the owners are on board before you list it. When it comes time to agree to a price that is less than the original listing price make sure everyone is going to accept market value.
0 votes Thank Flag Link Thu Jun 28, 2012
Normally yes. An attorney working for you should be able to handle distribution of proceeds.
0 votes Thank Flag Link Wed Jun 27, 2012
Depends on title, if all are on the title and needed for signiture yes.

If only one is on the title and there is a seperate agreement ie: a trust agreement or will, then there will be one check to the general partner or executor who will then divide the proceeds.
0 votes Thank Flag Link Wed Jun 27, 2012
If you ask for it to be handled that way then yes. I have done that with a husband and wife, didn’t sound like they were on the same track but hey, it’s America.

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
0 votes Thank Flag Link Wed Jun 27, 2012
Yes, the closing attorney will issue proceeds checks according to how the ownership is spelled out in the current deed recorded at the registry of deeds.
0 votes Thank Flag Link Wed Jun 27, 2012
Who is "THEY"?
Whom do you expect to get the money from?
Are you using a Title Company? If YES, then the Title Company will divide the proceeds accoding to the Escrow instructions.
If you are not using a Title Company, I couldn't guess who will divide what money, nor how.

Good luck and may God bless
0 votes Thank Flag Link Wed Jun 27, 2012
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