paying off heirs of quit claim

Guest 0.10 Dollars($)

Hello,

The heirs to our family property are all signing a quit claim to me. I will be paying each family individually. My banker has advised to write checks so that a record can be maintained by me. My family is insisting on cash payouts. They will have no record of the income. Is this logical or even advisable?

Thanks for your time,

Richard

larry · Joined: 27 Jun 2007 Posts: 2504 332.40 Dollars($)

Hi,

Welcome to the forum.

I think your banker has given you good advice. You should better write checks to have a record of it. When you are paying for the quitclaim then why should not you have the record with you?

Feel free to ask if you have any further questions.

Best of luck,
Larry

jerry · Posted: Thu Mar 27, 2008 2:54 am Post subject: RE: cash payout or check?

Hi Richard,

First of all talk to them and ask them why they are insisting on cash payouts. Then if you feel they're justified, you can offer them cash payouts. But you will have to draft the quitclaim deed such that the amount is mentioned there. Take help of a real estate attorney in drafting the deed.

Thanks,

Jerry.

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