Tenants in common, never probated, want to sell

[quincy]

My original statement says "(according to each state)" which, I meant to convey that it varies from state to state.

Anyway, I dont want this to spiral into focusing just on the quitclaim for the poster. I was offering up some advice in case the situations in PA have unforeseen consequences.

Texas in its laws recognize quit claim deeds as a means to convey interest in property. The problem is that some title insurers in Texas do not want to warrant quit claims against defects because of real or perceived risks in doing so.

In many states, the grantor of the quit claim deed warrants that there are no encumbrances on the property and it will be the grantor who will defend the title against any defects.

But, with all that said, Texas is not Pennsylvania and Pennsylvania is no other state.

It is important to look at a poster's home state as laws often vary in significant ways between states. To post information about other states tends to confuse rather than clarify a situation for a poster.

 

[BuyerInPa]

Um, run or hire an attorney.

the heirs of the decedent don't get bypassed. They either inherit their parent's estate or the value of it if the administrator sells the assets of the estate.

and the value is based on an appraisal (ya'll got one of those, right?) not some contrived value with no basis in fact.

No they didnt get an appraisal. The value was based on the condition of the property and comparable properties in the neighborhood. Everyone, both living, and the heirs are ok with the sales price. The court isnt involved as far as I know, regarding the sale, the only thing even in the estate, is this property. So if the heirs dont get bypassed, which was really the wrong term I suppose because I just meant how do they get what they are getting, by what means. Theyve agreed to sell, and have given the administrator quit claims. I told him I dont believe he needs the quit claims, because he is the administrator and will execute a fiduciary deed to the new buyer on behalf of the estate, my confusion stems because I thought that since they were heirs, they somehow had to actually have a deed in their name before it could be deeded to the end buyer. In my head, a deed from the admin is going from the deceased, directly to the new buyer, thereby "bypassing" the heirs.

The admin has quit claims from everyone involved, living owners, and the heirs, giving him the interest in the property. He planned on recording all of them at $55 a piece. Then issuing a new deed to buyer.

As far as I can tell, without him recording at least the one QC from the living owner, the fiduciary deed only conveys the interest of the 2 decedents (half), whose estates hes administrating, and he would be the owner of the other half.

Yes, confusing lol.

My thoughts are that he would record the one deed from the living owner, the other living owner has already recorded a qc to him, so then he becomes owner of half the property. After that im not sure how things go regarding the sale. Does he need to sign another sale agreement with buyer in his name, plus one one in estates name or whatever that is, now im just confusing myself

 

[justalayman]

do these deeds list the admin as grantee as [insert name here] or as [insert name here] adminstrator of [Joe Schmoe's] estate?

 

[justalayman]

why any living owner is issuing a deed to anybody but you is beyond me. If they are selling their share to you, they should be creating a deed with you as grantee and they as grantor conveying their interest in the property to you. Granting it to some other entity simply adds unnecessary complexity to the matter.

 

[BuyerInPa]

The deeds are to him, the administrator. In his name. They arent recorded. The reason they arent made out to me is it hasnt been sold yet? Am I confusing the issue even more? I just need to know if he needs to record all of the deeds, just the one deed from the living owner, or none of the deeds and property will transfer to new buyer by way of probate sale. Sorry if im confusing things more, as Im confused myself lol

 

[justalayman]

yes, all the deeds need to be recorded in the manner of dealing with this you are describing..

think about it this way:

when a title search is performed, the researcher looks at all the deeds and follows each one from the grantor to the grantee and on and on. If there is a deed granting some interest to you but no deed transferring that interest, or part of it, to the grantor on your deed, there will be nothing showing that interest on the unrecorded deeds being transferred to the grantor on your deed which means he cannot transfer it to you ergo, you will not own 100% of the interest in the property.

confused? I'm betting you are. You really need to have a lawyer involved in this but since you aren't going to, best of luck because you have a mess on your hands and no internet forum is going to be able to make it work.

 

[BuyerInPa]

Well, I wish he, the admin of the estate would get a lawyer, but he wont, and Im not the buyer. Im just curious, did you read the first post on this?

Im not sure about a lawyer being needed at this point because hes actually done all the hard parts already. I was just confused about the deeds that he got from the owners and the heirs and how they got transferred to the new buyer. If he has to record them all before he can sell the property for the estate then that pretty much clears things up. It just didnt make sense to me.

I thought recording the one QC from the owner thats alive was all he needed to do, and that the probate process allows him to execute a fiduciary deed on the heirs behalf, to the new buyer for the other half ownership.

Doesnt seem like this should be this complicated of a question. This is almost done..

 

[justalayman]

BuyerInPa;3264778], and Im not the buyer. Im just curious, did you read the first post on this?

yes I did and here is an excerpt:

Im trying to buy a home that was owned by 4 people, as tenants in common. All family. 2 have passed and their portion was never probated. No wills involved. Everyone is on board with selling. Im buying for only $4500. One of the deceased has 4 heirs, the other had none except siblings, who are already on title. 3 of the 4 on title now lived in Buffalo NY, the other lived in the home. Hes one that ha

I means YOU so apparently you have lied since the beginning:

bye.

 

[BuyerInPa]

Ok, well not really, Im the middle man in the transaction. Got it under contract, and selling the contract. I was considering the end buyer, the buyer.

 

[justalayman]

It is obvious you are not a licensed real estate agent since even the most inept agent will know more that what you have expressed so that means you are breaking the law because you aren't a licensed real estate agent.

Best of luck when everybody sues you for this mess and the state finds out what you are doing.

 

[BuyerInPa]

Actually not breaking any laws at all. Ive bought and sold a few properties. Its called being a real estate investor. Although I have just started and by no means am I full time at it. My questions are because I havent dealt with any probate properties before, never dealt with a probate at all actually. Everything Ive learned has been through my own research so yes, I dont have much experience. I kinda thought that was what this forum was about. So dont worry about me being sued, it wont happen. I have a contract and therefor have an interest in the property, that means I dont need a license. Im not working for the seller, or the buyer, right now I am just trying to make this go as smooth as possible. Thanks for your concern though.

With that out of the way, your answer still stands correct? Basically the deeds and probate are separate, and all of the deeds need to be recorded into the administrators name, then he can deed the property to the end buyer at closing. Correct?

 

[justalayman]

BuyerInPa;3264791]Actually not breaking any laws at all. Ive bought and sold a few properties. Its called being a real estate investor.

what you are asking here shows you have gone well beyond real estate investor and have crossed into illegal activity for more than one issue. What you are doing is well into illegal territory whether you want to accept it or not. Sorry but I'm outta here on this one.

 

[BuyerInPa]

You obviously dont know what you are talking about on that issue. Id like to hear your thoughts about how you think I am breaking the law? Humor me..

 

[justalayman]

You obviously dont know what you are talking about on that issue. .

then why would you want to hear anything I say?

as I said before; I'm out on this one. You take care and good luck with your endeavors but you really need to speak with a lawyer about what you can and cannot do.

 

[BuyerInPa]

I already know what I can and can't do. I see you aren't a lawyer so your'e right, don't need to hear what you have to say regarding what I can and can't do with real estate.