Legal Question in Real Estate Law in Florida

Hi,

My siblings and I are on my parents deed to their home and both have passed away and now the property is in our names, There are 4 of us. What we want to do is my sister and I want to buy out the other two siblings interest in the home. We want to file a quit claim deed with the county records office and what I need to know is how we write up a QCD in order to show what each (dollar amount) of the selling siblings will receive individually and if we all are listed as grantors and then just my sister and I are listed as grantees. On the form I have see in only shows a single line for the dollar amount but we need to show individual amounts for each seller. The amounts will be the same as they both have the same interest (20% ownership) in the home? What is the best way to assure the 2 selling siblings that they will receive full payment as soon as the new deed is officially recorded?


Asked on 2/01/11, 4:51 pm

1 Answer from Attorneys
William Gwaltney William W. Gwaltney, Attorneys at Law

First, you said there are 4 owners each with a 20% interest in the property, who has the other 20%? Depending on how the deed is currently written governs how the ownership is divided and what rights each owner has to the property. If there is another 20% owner make sure that you do not have to have their permission to sell.

Next, typically the final deed to be recorded does not record the breakdown you describe. If anything, the deed may record the total sales price. The purpose of the deed is to provide a record of the owner(s) of a property and usually does not require a showing of who paid what amount for the property. If there is an ownership other than equal parts then that will need to be recorded on the deed.

The deed does not guarantee any payments. It sounds like you need a contract for the sale of the interests by your siblings. There is no need to wait until the deed is recorded before the financial transaction takes place. However, you may consider having a title search done on the property just to make sure there are no liens or other encumbrances on the property. This can be done relatively inexpensively and will let you know if anyone claims any right to the property.

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Answered on 2/02/11, 7:51 am


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