Need advice on buying-out members of trust

[caltrustee]

What is the name of your state? California
I am part owner in a vacation condo. The condo and $8,000 in cash are the sole assets in the trust. I want to buy-out the other members and take over control of the condo. I'm looking for advice on how to structure the deal. Do I need to talk to a trust attorney, a real estate attorney, or do I just try to get everyone to agree on a price then hire an escrow company to hold and distribute the money after the other members quitclaim their shares to me.

Any advice would be greatly appreciated!
Thank You!

 

[BlondiePB]

What is the name of your state? California
I am part owner in a vacation condo. The condo and $8,000 in cash are the sole assets in the trust. I want to buy-out the other members and take over control of the condo. I'm looking for advice on how to structure the deal. Do I need to talk to a trust attorney, a real estate attorney, or do I just try to get everyone to agree on a price then hire an escrow company to hold and distribute the money after the other members quitclaim their shares to me.

Any advice would be greatly appreciated!
Thank You!

What did the trustee(s) say when you asked him/her/them to ask all the other beneficiaries of the trust?

(P.S. That's a hint )

 

[seniorjudge]

You need a real estate attorney.

 

[caltrustee]

What did the trustee(s) say when you asked him/her/them to ask all the other beneficiaries of the trust?

(P.S. That's a hint )

I'm not sure I understand your question. The other members of the trust are willing to sell me their interest in the condo. None of us are sure how to go about it though:

A real estate agent can get me recent sales comps to help arrive at fair market value. Then what? Pay them directly and then hope they quitclaim their interest to me? Scary. Give the money to an escrow company and have them handle the deed transfer then pay out the funds? Or have an attorney draw up some kind of contract for all parties to sign?

 

[BlondiePB]

I'm not sure I understand your question. The other members of the trust are willing to sell me their interest in the condo. None of us are sure how to go about it though:

A real estate agent can get me recent sales comps to help arrive at fair market value. Then what? Pay them directly and then hope they quitclaim their interest to me? Scary. Give the money to an escrow company and have them handle the deed transfer then pay out the funds? Or have an attorney draw up some kind of contract for all parties to sign?

When one fails to state that all the owners are in agreement, a partition suit can be started which is costly. Have a real estate attorney deal with this to ensure all is done properly.

 

[caltrustee]

Thank You for the advice!!

Any idea what something like that would cost if all parties are in agreement?

 

[BlondiePB]

Thank You for the advice!!

Any idea what something like that would cost if all parties are in agreement?

You're welcome. Sorry, my clairvoyant helmit doesn't work for predicting money.

Call a few attorneys for their fees/costs. You'll get different prices, different personalities, etc.