Profile picture for K8bug

Avoid using a QuitClaim Deed

My husband owns 2/3rd of a farm, sister owns other 1/3rd, non dividable.  How do we have the loan written up with involving a QuitClaim deed, which for obvious reasons, his sister opposes?
  • March 03 2009 - Albany
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Answers (2)

Profile picture for K8bug
Thank you very much.  This is what we were thinking then we were thrown this curve.  Back to our original game plan!  
  • March 04 2009
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Profile picture for Bentley Advisors
Of course, you should consult an attorney.  However, I suspect he/she will advise that they hold title as "Tenants In Common". The loan would be done just like any other loan as borrower and co-borrower.  The loan itself does not indicate who owns what percentage.  Instead, your attorney will have to draft a TIC agreement that stipulates ownership percentages and how income/expenses are allocated.  I believe this document can be recorded w/ the county recorder's office as well as the mortgage note and deed.  I hope this was helpful. 
  • March 04 2009
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