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Barrister
Barrister, Attorney
Category: Estate Law
Satisfied Customers: 34255
Experience:  16 yrs estate law, real estate. Wills/Trusts/Probate
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I am the Executor of my Aunt's estate and a 25% beneficiary.

Customer Question

I am the Executor of my Aunt's estate and a 25% beneficiary. My Aunt wanted her condo to remain in the family. I am the only beneficiary interested in purchasing it. The other beneficiaries and I have agreed on a price. Can I transfer the deed into my name and pay off the beneficiaries?
JA: Estate laws vary by state. What state are you in?
Customer: Ohio
JA: What documents or supporting evidence do you have?
Customer: I have her will, which names me as Executor, I have been appointed by the court. Her will indicates no bond is required nor is an appraisal. I did do a market comparison and the other beneficiaries and I agree I am offering a fair price.
JA: Anything else you want the lawyer to know before I connect you?
Customer: Not that I can think of.
Submitted: 2 months ago.
Category: Estate Law
Expert:  Barrister replied 2 months ago.

Hello and welcome! My name is ***** ***** I am a licensed attorney whowill try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply,but rest assured, I am working on your question.

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Can I transfer the deed into my name and pay off the beneficiaries?

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Yes, If you get a signed agreement from the other beneficiaries, then you can enter into yet another agreement with the estate (i.e. yourself) where you are purchasing the house from the estate. You take that purchase contract to the bank, get the loan, pay off the estate, and then you disburse the funds to the heirs.

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The trick is to get the purchase agreements in place so you can go to the bank and get a loan so everyone gets paid.

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thanks

Barrister

Customer: replied 2 months ago.
If this is a cash purchase do I need to do a purchase agreement, or can I just do a quit claim deed?
Expert:  Barrister replied 2 months ago.

You still need the agreement in writing from the other heirs. And to be honest, the judge in the probate case will likely want to see something in writing from you as the purchaser and you as the executor agreeing to sell the property to you personally with the other heirs approval.

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That way the judge will know that there is nothing shady going on and everyone is in agreement.

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You just won't have to involve a bank in the situation if this is a cash deal..

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thanks

Barrister

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