Buying out 1/2 of a probate property

Buying out 1/2 of a probate property

Tampa, FL · Member since 2016 · 54 posts · 9 votes
Hi all, a friend of mine had a parent who passed away. Following probate, the property was left to her and her brother. She would like to partner with me and flip the home, but her brother just wants his money and be done with it. He has agreed to let me buy him out of his half of the property for $60,000 and he will then quit claim his half to me. How should I or would you, structure the documentation for this deal? I’m not sure if I should use my normal contract, then have him and her quit claim the property to a trust or if he would only quick claim his portion of the deed. She is not selling her portion and does not want to be liable for the taxes on his portion of the sale. Any wise words would be appreciated.
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  • Tom GimerBusiness Member
    DMV · Member since 2017 · 3k+ posts · 3k+ votes
    8y

    Sounds like his interest is already in his name so brother can just sell you his 50% interest for the agreed price. Your friend would not be a part of that transaction... and you two would end up 50/50 tenants in common.

    If the property is still in the estate not much changes other than the executor/pr conveying to the heirs first. 

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  • Tampa, FL · Member since 2016 · 54 posts · 9 votes
    8y
    Thank you!
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