Property Deed (tenants, appraisal, agents, sale)

[VivLynn]

Hello,

I live in Northern New Mexico and have an issue with the sale of a property. My aunt (which is 70+ years of age) is selling a 1 acre property to her sister's ex-husband for $5,000. The property deed is under my 70 year old aunt's name. A week ago her sister's ex-husband requested all five sisters signature plus husbands on paperwork that he explained is to protect him from any of the sisters being interested in the property. A few days ago I received a call requesting my and my husbands signature (in which I am her niece) stating that we are not interested in the property. I explained that my name is not on the property deed that is for sale. He stated that my name appears on a separate property and house deed. The deed he had attached to the "Warranty Deed (Joint Tenants)" refers to both properties and house. I believe that since my signature does not appear on the property deed that is for sale I should not need to sign unless he's intentions is to buy both properties and house (since they are combined in one).

Please advise.

If deeds are separated, property for sale in one and property/house in another, do I still need to sign the document?

I am concerned with the sell. I do not want my aunt to not willingly sell both properties and house.

~Concerned~

[willow wind]

Attorney time.

Neither you nor any of the other people need to sign any papers about the intent to not purchase anything. All so much nonsense.

Your aunt needs to have an attorney draw up a contract for sale for whatever parcel she is selling. Have the attorney read the deeds and do whatever is necessary to make sure that only the one are parcel is being sold. He'll make sure that the sale goes through properly and then will record the sale of the one acre lot.

Use a lawyer, it's money well spent as it will protect your aunt. This is not the time to try to save money.

[AZJoeD]

Each property should have a parcel number and legal description. If they have not been separated (called a split) your will need to contact your county zoning department and have them split. If they have been split then a new deed for each property should be recorded. I realize it is only a $5000 property, but I would have an attorney or a title company handle it to insure the paperwork is handled correctly. It beats a legal fight over the house.

[VivLynn]

Thank you, I suspected it. I will surely take all measures to protect my aunt.

[Rabrrita]

You don't need to sign anything. I suspect that if this is an above board request, he's probably doing it to avoid some legal hassles related to the sale from someone (heir) who may later claim some impropriety or contest the sale due to her age. If some claim is made, all he has to do is show everyone was aware and did not object. The fact that you did not respond doesn’t change the fact that you are aware of the transaction and had a chance to object which you didn’t. He’s covered his rear if this is the intent.

However, to play it safe, you should all get together and have an attorney review the transaction to ensure it is what everyone thinks it is.

[jackmichigan]

Yep, your aunt needs a good real estate attorney. Also, is $5,000 a fair amount for the land? Efforts should be made to verify what the property is truly worth. What does the tax assessor say it's worth? Although that amount can't be relied on, if it's significantly above $5,000 that would be a huge concern. Check to see what comparable properties have sold for. You might also want to check with a couple of real estate agents who are familiar with the area as to what their opinion of value might be. If more questions are raised, paying for an appraisal might be called for.