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Updated over 6 years ago,
Buying out 1/2 of a probate property
Hi all, a friend of mine had a parent who passed away. Following probate, the property was left to her and her brother. She would like to partner with me and flip the home, but her brother just wants his money and be done with it.
He has agreed to let me buy him out of his half of the property for $60,000 and he will then quit claim his half to me.
How should I or would you, structure the documentation for this deal? I’m not sure if I should use my normal contract, then have him and her quit claim the property to a trust or if he would only quick claim his portion of the deed. She is not selling her portion and does not want to be liable for the taxes on his portion of the sale.
Any wise words would be appreciated.