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Status:
"I didn't do it, nobody saw me"
(set 14 hours ago)
Location: Ocala, FL
6,484 posts, read 10,357,154 times
Reputation: 7925
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Quote:
Originally Posted by Chas863
"Hope" is not generally a smart strategy. Being prepared and checking out things in advance, IS a smart strategy.
I'm quite concerned about the brother retaining the 1/4 ownership in what is being sold. It is the rare buyer who would be willing to buy a 3/4 ownership in a property. You need to make sure that a GOOD lawyer has drawn up the deed (and the purchase agreement) to head off any potential legal problems after the closing.
And don't be too surprised at the listing realtor not having answers to your questions. Even on a simple transaction, some realtors aren't up to speed. On a complicated transaction involving the sale of a part ownership, you need a GOOD lawyer on your side. I emphasized "GOOD" because a law degree per se doesn't guarantee competence in all real estate matters. I've had to basically handle closings for attorneys who couldn't properly fill out a closing statement and pro-rate taxes.
"Hope" is not generally a smart strategy. Being prepared and checking out things in advance, IS a smart strategy.
I'm quite concerned about the brother retaining the 1/4 ownership in what is being sold. It is the rare buyer who would be willing to buy a 3/4 ownership in a property. You need to make sure that a GOOD lawyer has drawn up the deed (and the purchase agreement) to head off any potential legal problems after the closing.
And don't be too surprised at the listing realtor not having answers to your questions. Even on a simple transaction, some realtors aren't up to speed. On a complicated transaction involving the sale of a part ownership, you need a GOOD lawyer on your side. I emphasized "GOOD" because a law degree per se doesn't guarantee competence in all real estate matters. I've had to basically handle closings for attorneys who couldn't properly fill out a closing statement and pro-rate taxes.
Uh oh. I should switch from "hoping" to "praying." The buyer's lawyer has terrible reviews on Google. The lawyer with the "agency" doing our closing has better reviews. I called some lawyers to determine whether we need to hire one on our own, and basically I was told that it's kind of late for that, since the closing is in two days. I think real estate lawyers are extremely busy right now -- especially the good ones. The brother who's keeping 1/4 of the property is a retired surveyor and has asked to be provided the final survey and a copy of the deed in advance. He's still waiting...
Uh oh. I should switch from "hoping" to "praying." The buyer's lawyer has terrible reviews on Google. The lawyer with the "agency" doing our closing has better reviews. I called some lawyers to determine whether we need to hire one on our own, and basically I was told that it's kind of late for that, since the closing is in two days. I think real estate lawyers are extremely busy right now -- especially the good ones. The brother who's keeping 1/4 of the property is a retired surveyor and has asked to be provided the final survey and a copy of the deed in advance. He's still waiting...
I'd get my own lawyer. It is late but a lawyer needs to read the documents and advise if you should call a hard stop to the process to provide more time. I'd say your brother needs to do more than "Ask", it needs to be a pre-condition to closing.
When I closed on my House in Savannah in 2010, I asked for a rough guess on fund transfer timeline. I was told since it was the same bank - within 2 hours, probably closer to 1. as i was stopped at a red light, opened my bank app and looked up to check the light and as I looked back down balance changed. I was 10 minutes from the Closing Attorneys office. that's the way to handle closings!!
"Hope" is not generally a smart strategy. Being prepared and checking out things in advance, IS a smart strategy.
I'm quite concerned about the brother retaining the 1/4 ownership in what is being sold. It is the rare buyer who would be willing to buy a 3/4 ownership in a property. You need to make sure that a GOOD lawyer has drawn up the deed (and the purchase agreement) to head off any potential legal problems after the closing.
I took that to mean that 4 heirs are selling a property. We'll call it a 12 acre parcel. In reality, they're selling 9 acres, not 12, as the brother is keeping 3 acres.
I took that to mean that 4 heirs are selling a property. We'll call it a 12 acre parcel. In reality, they're selling 9 acres, not 12, as the brother is keeping 3 acres.
But that is the problem. If there is a single deed for 12 parcels, it would have to be split into a 9 acre deed and a 3 acre deed. And it would have to be explicit about how it is divided. This is not a standard sale.
I took that to mean that 4 heirs are selling a property. We'll call it a 12 acre parcel. In reality, they're selling 9 acres, not 12, as the brother is keeping 3 acres.
I believe that would be true only if the Parcel has been divided into separate properties for each of the heirs. If they hold the entirety as co-owners than they are selling 3/4 ownership in the entirety.
Not all portions of a property have the same value. 3 Acres along a busy road would be more valuable than 3 acres of low lying wetlands that might not even be buildable.
I see this as being a big mess. Unless the brother has some kind of relationship with whoever is buying the other siblings shares ....
I believe that would be true only if the Parcel has been divided into separate properties for each of the heirs. If they hold the entirety as co-owners than they are selling 3/4 ownership in the entirety.
Not all portions of a property have the same value. 3 Acres along a busy road would be more valuable than 3 acres of low lying wetlands that might not even be buildable.
I see this as being a big mess. Unless the brother has some kind of relationship with whoever is buying the other siblings shares ....
Exactly. The brother will always be minority in this new ownership and essentially have no control. Would he be able to build on this land without permission of the others? What if he wants to sell? The brother seems pretty passive about this.
This whole things seems like a nightmare. I have no idea why someone would want to retain minority ownership with a stranger, nor why the buyer would accept that arrangement. Has this been discussed and agreed to by all parties? Does the brother even have the right to force that? If there is a designated PR decision maker they have control of decisions.
I took that to mean that 4 heirs are selling a property. We'll call it a 12 acre parcel. In reality, they're selling 9 acres, not 12, as the brother is keeping 3 acres.
After the brother's quarter is taken out, the portion of the parcel being purchased is still more than 40 acres.
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