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Hi. I am in California, in Murrieta, Ca. I am co-owner of a property in San Clemente with my sister. I myself graduated from law school, but have not practiced. My sister got a loan, and things are in escrow. With her proceeds, she is going to pay me $225,000 and full title will be transferred to her. I just requested that an instruction be processed stating that I am selling my half-interest to her in consideration for the $225,000 (indicating that I am not gifting it to her). The proceeds will be deposited in my bank account. I just need some words to put in the escrow instruction, that will essentially function as the agreement between my sister and I. Any suggestions?
Optional Information: Country relating to Question: United States State (if USA): California Already Tried: Just researching on the net. Is this going to cost me money?
Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.
Good afternoon. What you want to do in this situation is deliver to the Escrow agent a quit claim deed for your interest in the property telling them to hold it and not release it until such time as the loan has closed into escrow, the escrow is in receipt of the loan proceeds, that you have reviewed and approved the HUD closing statement, and the escrow agent is simultaneously wiring the $225,000 to you pursuant to wiring instructions contained in your letter to the escrow agent.
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Hi, it's Dawn.
I'm going to give you the highest rating. I think that I'm supposed to wait until you've replied to my reply. I'll wait for that.
Thanks so much! I don't see your reply or I would have responded to it. Can you re-post it in this thread? Thanks.
Oh, this is the language I orginally thought of ... how does it sound? I am also going to use your language.
My initial language -
Dawn L. is selling her 50% interest in 12 West Avenida C in San Clemente, Ca., to Jessica C, a co-owner, for the consideration of $225,000. Jessica C is obtaining a loan to purchase Dawn's interest. $225,000 of the loan proceeds are to be distributed to Dawn's Wells Fargo account to effect this transaction. Title is to be transferred to Jessica as part of the escrow process.
I think mine protects you a bit better. :)
Experience: Texas lawyer for 32 years; Also RE developer
You're right ... and it'll be in that instruction. Thanks again!
You're welcome...it's been my pleasure. Take care.