Posted on: 28th Mar, 2007 07:45 pm
I have an opportunity to buy adjacent land property. 3/4 of the heirs are ready to sell, but the other 1/4 can't be located. Can I get a clear title if we escrow 1/4 of the cash proceeds for any future claim by the unknown heirs.
Any other suggestions on how to complete the transaction? Goal is to get a clear title on the all of the property?
Thanks!
Any other suggestions on how to complete the transaction? Goal is to get a clear title on the all of the property?
Thanks!
I dont think its possible to get a clear title.
Hi Redd,
"Can I get a clear title if we escrow 1/4 of the cash proceeds for any future claim by the unknown heirs."
Regarding this I suggest you to contact an attorney. For this you need to confirm that whether law will allow this or not. And they are right person to give the correct suggestion.
Thanks
"Can I get a clear title if we escrow 1/4 of the cash proceeds for any future claim by the unknown heirs."
Regarding this I suggest you to contact an attorney. For this you need to confirm that whether law will allow this or not. And they are right person to give the correct suggestion.
Thanks
As long as the other 1/4th of the other heirs sell their share you will not get a clear title to that land property. They can put a claim in future for recovery of their share of that portion of property.
Helping user said you should contact a real estate attorney. I will also say the same thing. Only he will be able to tell if there is any legal way by which you can acquire the 1/4th share without the owners selling it.
Helping user said you should contact a real estate attorney. I will also say the same thing. Only he will be able to tell if there is any legal way by which you can acquire the 1/4th share without the owners selling it.
One option exists Redd, which is called partition lawsuit.
3/4 heirs will start a partition lawsuit for sale of the house and proceeds divided among owners.
The share which will go to 1/4 heirs can be escrowed after the sale and when they can be located, the amount handed over to them.
At the time property is sold as per court orders you can purchase it and get a clear title. This seems to be the only option by which you can get a clear title to that property.
Colin
3/4 heirs will start a partition lawsuit for sale of the house and proceeds divided among owners.
The share which will go to 1/4 heirs can be escrowed after the sale and when they can be located, the amount handed over to them.
At the time property is sold as per court orders you can purchase it and get a clear title. This seems to be the only option by which you can get a clear title to that property.
Colin