Creative Purchase Idea Prior to Tax Deed Sale
Hey folks,
I'm looking at a tax deed sale in CA. There is one particular property I would like to buy before the auction. Here is the rub:
Property is held in title by a Partnership: Johnson and Cooper Properties
One partner, Johnson is prepared to sell. The other partner, Cooper, is deceased and his estate has not been probated yet. Coopers' heirs, two children, are also prepared to sell.
There is a partnership agreement, but it states that upon the death of a partner his share shall go to his estate. Title company won't offer title insurance without a partnership agreement naming the people specifically who would inherit, or with the estate going through probate. Of course there's no time for that.
The only other option I can think of is sign a purchase agreement, have title transferred to me using quit claim from all the parties, pay off the tax lien portion, then wait for them to do probate of the estate. Once probate is finished and it confirms the heirs, I get full title somehow (not sure how this works) and pay the balance of the purchase price. I'm sure this is fraught with issues and I don't even know if it works. Help!! Any better ways to structure this?
Thanks so much in advance.