6 siblings got property due to death only one wants property can all others sighn their portion over to that person

Asked by robinsonstormy, Houston, TX Sat Feb 16, 2013

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12
John Juarez, Agent, Fremont, CA
Sat Feb 16, 2013
I wonder why five of the six do not want the property. Could it be under water – no equity – and a burden instead of an asset that has been bequeathed?

Not enough information in your post to know whether the one individual who would end up with the property is making a wise decision but, yes, there is a way that the other can deed their interests to that person.

You should get some professional advice before taking actions that cannot be undone.
1 vote
Gary Steuern…, Agent, Houston, TX
Sun Aug 25, 2013
A quit claim deed will not be acceptable in Texas, I just did a similar transaction with 11 heirs. a special warranty deed was created by an attorney with a separate signature page for each heir (saved on recording fees). The one person gained ownership and was then able to proceed with her plans for the property.

See an attorney to make sure all is recorded properly.
0 votes
Chris Nealy, Agent, Virginia Beach, VA
Sat Aug 24, 2013
You can sign over whatever you want to if you own it. In some cases the sibling who wants the house will often buy the others out. In some cases the siblings say well this sibling wants it and I already have a house so he or she can have it. In any event you need an atty to help you do this.
0 votes
Josh Barnett, Agent, Chandler, OK
Sun Feb 24, 2013
Sure can, just QCD all the other interest to the sibling that would like the property.
Web Reference:  http://www.GetSoldOKC.com
0 votes
Guy Gimenez, Agent, Manchaca, TX
Sun Feb 24, 2013
Keep in mind that quit claims are seldom recognized by title companies in Texas, so a quit claim would not be sufficient to transfer the interests of the parties.
0 votes
My NC Homes…, Agent, Chapel Hill, NC
Sun Feb 24, 2013
Can they , sure they can. If their looking for money for their shares the question is can the one sibling pay them?

In terms of making certain things are done correctly a local real estate attorney should be consulted.
0 votes
Simon Campbe…, Agent, Miami Beach, FL
Sun Feb 24, 2013
I am not a real estate attorney but I have seen this on the appraisal side of things. As always, consult with your probate attorney to make sure everything is done properly.

The easy way is to have each of the 5 siblings sign a quit claim deed to transfer their personal ownership rights.

If the 5 siblings expect to be paid for their share, well then that is a slightly more complicated matter. To accurately determine the value of each share, you cannot simply take the market value and divide by 6. This does not account for the loss in value that comes from having 5 other people to negotiate with every time a decision about the property must be made. Multiple ownership reduces the rights of each owner and thus affects the price of the property. You should pay for an appraisal which is done by an experienced appraiser.
0 votes
Mike Matthews, Other Pro, Houston, TX
Sat Feb 23, 2013
Yes of course they can. Has the property gone all the way through Probate as of yet? Who is the independant executer of this estate? Is the home for sale? if so I will make an offer.
0 votes
Bruce Lynn, Agent, Coppell, TX
Sat Feb 16, 2013
You want your probabte or family attorney to handle this, but basically yes.
If there were other assets you may want to split them a different way.
0 votes
Guy Gimenez, Agent, Manchaca, TX
Sat Feb 16, 2013
Perfectly legal to do so.
0 votes
Mark Rogers, Agent, Houston, TX
Sat Feb 16, 2013
I would consult an attorney who specializes in this area and then speak to a realtor.

Mark Rogers
Keller Williams Metropolitan
0 votes
Roland Vinya…, Agent, Sprakers, NY
Sat Feb 16, 2013
This is really a question for an attorney but I see no reason why you can't, once the probate period is over. You are always free to give away possessions.
0 votes
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