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Possible to buy family members out of property in individual transacations?
Posted on 12/18/15 at 1:32 pm
Posted on 12/18/15 at 1:32 pm
The fiancee's family has a home in Mid City - New Orleans that has basically been abandoned since Katrina. A succession has already been done on the property but unfortunately there are 7 family members name on it (I know that's a headache in itself). All 7 want to sell but 1 is trying to hustle the other 6 for more money. How hard would it be for me to buy each of the other 6 out in individual transactions and get their percentage of the property put in my name? Then just deal with the 7th at a later time. If a tax attorney is suggested I'm looking for recommendations also. 
3
Posted on 12/18/15 at 1:59 pm to sdc74
Not that difficult. If it's a cash sale, all you need is a deed and a check for each of them. Any reason you can't get them all together and have them sign 1 deed? Only reason I ask is because filing fees can get pretty pricey if you have to file 6 individual instruments.
I think if it was me, I'd draw up the deed and have the signature and notary on a separate page, so you end up with 1 deed and 6 signature pages.
I think if it was me, I'd draw up the deed and have the signature and notary on a separate page, so you end up with 1 deed and 6 signature pages.
Posted on 12/18/15 at 2:26 pm to sdc74
It's not hard, like Gumbo said, you can probably handle all 6 of the willing sellers in one transaction. Because it's family and family can be stupid, I'd have a real estate attorney draw up the documents. Should not be more than a few hundred bucks. This is assuming a cash sale.
Posted on 12/18/15 at 4:14 pm to sdc74
I can't really see a need for a tax attorney, but if you need one, I know some.
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