Legal Question in Real Estate Law in Florida
3 people own a home, one wants to be bought out by other two.
Clear title home.
The person being bought out wants to the $40,000 paid to him and he wants to quit claim to transfer property interest.
Is this legal? Doing a buyout via quit claim and not reporting th money exchange
Asked on 7/22/17, 1:24 pm
1 Answer from Attorneys
Barry Stein
De Cardenas, Freixas, Stein & Zachary
It is legal. It is not safe to do this without an attorney. You need to make sure title is, in fact, clear. The only way to do that is with an appropriate title search. Any judgments or liens need to be ferreted out and they would not be known. if you are in agreement as to the 1/3 owner payment, it should not be that complicated.
Answered on 7/23/17, 2:15 pm
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