Quit Claim Deed

[ninagma01]

What is the name of your state (only U.S. law)? Wisconsin
Our Mother filed a quit claim deed several years before she passed. There are five owners(siblings), four of the five agree on everything, one has been difficult for years and is now holding up the sale of the property just because she can. We communicate only through attorneys. We have a very good offer on the property, and now she is requesting a third appraisal, as she feels it is worth more. Our attorney rec. a partition or separation suit. What exactly is that?

 

[FlyingRon]

A partition suit is a lawsuit that is used when coowners can't agree. It forces the partitioning (the separation of the property into multiple partitions, in the case where that is practical, or the sale of property with the proceeds split)). It's not particularly speedy solution. It would be better for you and your siblings and/or the attorneys to convince her of the advantage of settling (even if an appraisal is required, it will be cheaper and faster than the partition suit).

Of course, you all know you will all owe capital gains on this property based on the your mother's (presumably low) basis.

 

[HomeGuru]

What is the name of your state (only U.S. law)? Wisconsin
Our Mother filed a quit claim deed several years before she passed. There are five owners(siblings), four of the five agree on everything, one has been difficult for years and is now holding up the sale of the property just because she can. We communicate only through attorneys. We have a very good offer on the property, and now she is requesting a third appraisal, as she feels it is worth more. Our attorney rec. a partition or separation suit. What exactly is that?

**A: also do a search here or online. In any case it means further delays and legal fees.