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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 3:12 pm to LSUFanHouston
It is a cash sale. Thanks both for the information.
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.
Posted on 12/18/15 at 9:39 pm to southernelite
Southernlite please pass the attorneys name along.
Posted on 12/19/15 at 9:28 am to sdc74
I can not strongly enough recommend to stay away from this. Unless all parties are willing to do this it will work out poorly for you in the end. You are going to strengthen the holdouts hand exponentially.
JMHO after being in a simular position before.
JMHO after being in a simular position before.
Posted on 12/19/15 at 10:38 am to sdc74
Call the Bryson Law Firm. They have offices in Lafayette and Baton Rouge. They're good people.
If you need anything else, shoot me an email at nhseks@gmail.com
If you need anything else, shoot me an email at nhseks@gmail.com
Posted on 12/19/15 at 11:31 am to cave canem
quote:
I can not strongly enough recommend to stay away from this. Unless all parties are willing to do this it will work out poorly for you in the end. You are going to strengthen the holdouts hand exponentially.
JMHO after being in a simular position before.
Cave canem, trust I'm very hesitant. Trying to get all the info I can before I make a move. Thanks.
Posted on 12/20/15 at 9:30 am to sdc74
I agree with CC. You are giving the last holdout leverage.
I would never do this, but if I did, I would make the other 6 force him to sell.
I would avoid this whole deal, though.
I just straight up avoid deals with stupid, greedy people. (No offense)
I would never do this, but if I did, I would make the other 6 force him to sell.
I would avoid this whole deal, though.
I just straight up avoid deals with stupid, greedy people. (No offense)
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