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?
Country relating to Question: United States
State (if USA): California
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.
I hope thishas given you information that has been helpful to you. If the informationseems more general than specific, please be aware that we are only allowed toprovide information and not specific advice. If you have a follow-up question, please remember thatthere might be a delay between your follow up questions and my answers becauseI may be helping others or taking a break.
If you do have any additional questions about my answerplease simply ask a follow up question without rating so I can provideyou with a fully satisfactory answer. Please be aware that any rating of 1 or 2 isreflected as a negative rating, reflects negatively on my performance, and Ireceive no credit for my answers.
Thanks for allowing me to be of service to you. Please beaware that the information provided here is not legal advice. Rather it issimply general information. All states have intricacies in their laws and anyinformation given is simply information only and specifically is notintended to be, nor does it constitute, legaladvice. This communication does not establish an attorney-client relationshipwith you. I hope this answer has been helpful to you.
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. :)
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.
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).