Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Tax Liens & Mortgage Notes
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 8 years ago,

User Stats

242
Posts
303
Votes
Ori Skloot
Pro Member
  • Investor
  • Berkeley, CA
303
Votes |
242
Posts

Creative Purchase Idea Prior to Tax Deed Sale

Ori Skloot
Pro Member
  • Investor
  • Berkeley, CA
Posted

Hey folks,

I'm looking at a tax deed sale in CA.  There is one particular property I would like to buy before the auction.  Here is the rub:

Property is held in title by a Partnership: Johnson and Cooper Properties

One partner, Johnson is prepared to sell.  The other partner, Cooper, is deceased and his estate has not been probated yet.  Coopers' heirs, two children, are also prepared to sell.

There is a partnership agreement, but it states that upon the death of a partner his share shall go to his estate.   Title company won't offer title insurance without a partnership agreement naming the people specifically who would inherit, or with the estate going through probate.  Of course there's no time for that.

The only other option I can think of is sign a purchase agreement, have title transferred to me using quit claim from all the parties, pay off the tax lien portion, then wait for them to do probate of the estate.  Once probate is finished and it confirms the heirs, I get full title somehow (not sure how this works) and pay the balance of the purchase price.   I'm sure this is fraught with issues and I don't even know if it works.  Help!!  Any better ways to structure this?

Thanks so much in advance. 

  • Ori Skloot
  • Loading replies...