Home Buying in 38135>Question Details

jdilday, Home Buyer in 38135

Mother did a Quit Claim Deed to 3 of her children 1 child would like to sell her 1/3rd portion. How would that be done?

Asked by jdilday, 38135 Thu Aug 16, 2012

Help the community by answering this question:

Answers

5
Nancy G. Agee’s answer
They need to agree on a price between the 3 of them and then have a new Quit Claim or Warranty Deed drawn up and recorded conveying the 1/3 interest to the other 2. If it is going to be evenly divided, each would get half of their 1/3, if just one other is buying that child out , then that buyer would have 2/3 and the other 1/3. I would specify in the deed as to how they are taking title, tenants in common or joint tenants with the right of survivorship, etc.
0 votes Thank Flag Link Sat Sep 8, 2012
Put the interest on the market and sell it, depending on how the deed was written, it may not be marketable or able to be sold.
0 votes Thank Flag Link Sat Aug 9, 2014
Contact an attorney that specializes in real estate and have them assist you. If you have not already done this text or call me and I can refer you to one. 239-5284
0 votes Thank Flag Link Sat Aug 9, 2014
When you speak to a reputable Real Estate Attorney, they will walk you through the process. Be sure your Attorney specializes in Real Estate Law. They handle these questions often and are very helpful. Best of Luck.
0 votes Thank Flag Link Mon Aug 20, 2012
I am going through the exact same. Realtor and property attorney have informed me that the child that wants to sell his/her portion will have to reach an buyout agreement with the other 2 children. Some kind of buyout dollar amount. A specific contract will then need to be drawn up indicating the child is giving up his/her portion in exchange for the buyout amount. Once that is done a new deed to the house will need to be signed by only the remaining two(2) children with a stake in the house.

All documents will need to be notorized.

Hope this helps some.
0 votes Thank Flag Link Mon Aug 20, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer