How do you transfer a home within family?

[vintner Super Moderator Find all posts View Profile Close vintner]

Without getting into too much of the personal issues, I am not sure how to do a transfer of my Mother's house to one of three brothers.

Mother did (I believe) a quick claim deed to transfer the property to her three sons. Now one (A) would like to buy the shares of the other two (B and C). (A) went to a lawyer and has a purchase agreement set up, but it is written like (B&C) were living there and would transfer ownership and title to (A) at closing. In fact, (A) has been living there, so this standard form can not be used as it does not apply. The form has things like (B&C) paying real estate taxes, and paying utilities and insurance until the closing. Since (A) is living there, he should be paying those.

It seems as this should be a simple purchase agreement: (A) agrees to pay 1/3 of '$ agreed house value amount' to (B) and 1/3 to (C). Then a quick claim deed is signed off by (B and C) and the property goes to (A).

If you have done a property change between family, how did you do it? I understand this information does not take the place of a lawyer, but I don't think the lawyer that set this up has any idea what is going on or is trying to shaft (B&C).

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

The same way your Mom did it and the same way my Mom did it, with quit Claim Deeds.

Like you said.

I am not a probate attorney, but I did stay at a Holiday Inn Express.

Without getting into too much of the personal issues, I am not sure how to do a transfer of my Mother's house to one of three brothers.

Mother did (I believe) a quick claim deed to transfer the property to her three sons. Now one (A) would like to buy the shares of the other two (B and C). (A) went to a lawyer and has a purchase agreement set up, but it is written like (B&C) were living there and would transfer ownership and title to (A) at closing. In fact, (A) has been living there, so this standard form can not be used as it does not apply. The form has things like (B&C) paying real estate taxes, and paying utilities and insurance until the closing. Since (A) is living there, he should be paying those.

It seems as this should be a simple purchase agreement: (A) agrees to pay 1/3 of '$ agreed house value amount' to (B) and 1/3 to (C). Then a quick claim deed is signed off by (B and C) and the property goes to (A).

If you have done a property change between family, how did you do it? I understand this information does not take the place of a lawyer, but I don't think the lawyer that set this up has any idea what is going on or is trying to shaft (B&C).

[mdurette Senior Member Find all posts View Profile Close mdurette]

It would depend a bit if mortgages are involved.
1. If the house has a mortgage on it now - then it most likely will be a voilation of the mortgage terms to change the deed. (but it does happen all the time.

2. If brother "A" needs a mortgage - then the his lender will require the purchase and sales agreement.

The p/s would read brothers A, B and C sell to brother A. The "other" costs like taxes and the such would then be split by all the sellers. As for who is living in the house now - doesn't make a difference. Each brother should have his own address listed on the p/s. The only reason why I can see someone might suggest a different address is because of the capital gains brothers B and C might have. But, I don't think the IRS would fall for only the address on the p/s being different.

[vintner Super Moderator Find all posts View Profile Close vintner]

Interesting points. Luckily, there is no old mortgage, there will be a new bank loan by A.

The document/Purchase Agreement drawn up by the lawyer was really written from the view that B & C lived in the place and were selling to A, so they were responsible for any expenses up until the closing, like any normal home selling. But A has been living there, so it is A that has been responsible for the normal utilities, etc.

I just figured this may be easier to handle that it has been. That is why I have been asking for other's experiences.

[somerville Senior Member Find all posts View Profile Close somerville]

The lawyer should have drafted an agreement that was customized for your transaction. Sounds like he just pulled out a standard form. Hope he didn't charge you much. How much of an agreement do you need? You get your money, you hand over a deed.

[vintner Super Moderator Find all posts View Profile Close vintner]

I am C, it is A that has to come up with the purchase agreement. I think the lawyer considers this a waste of his time, so he slapped together a standard form.

Just seems to me there should be a very basic form stating how much money will be involved, when the transaction will be completed and that all parties agree to the exchange or transfer of the property.

I ended up working on the counter offer, or really the corrections to the form, for a couple hours last night. It has been sent onto brother B for his review before going on to the lawyer.

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

To answer your question literally, you hire one of those companies with a truck and a big long trailer. Very carefully they place the house on the trailer. Then, very slowly, they move it to the new location, and set it in place, very carefully.

[vintner Super Moderator Find all posts View Profile Close vintner]

Good plan, but I want to get rid of the house, and the brother, but that is another story.

[Bill4728 Super Moderator Find all posts View Profile Close Bill4728]

It seems as this should be a simple purchase agreement: (A) agrees to pay 1/3 of '$ agreed house value amount' to (B) and 1/3 to (C). Then a quick claim deed is signed off by (B and C) and the property goes to (A).

This sounds good except that there should be a warrentee deed recorded by A, B & C giving the title of the property to A. I'd stay away from a quit claim deed.