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N Cal Attorney
N Cal Attorney, Lawyer
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Experience:  Since 1983
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This is a real estate question. I administer a piece of land.

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This is a real estate question.
I administer a piece of land. It is in Oklahoma.
The land is owned by 11 individuals as an undivided interest.
The owners live in at least 4 different states.
We have received a tender offer to buy the property, from and individual, for cash. The offer is for fair market value. I have already had the property appraised.
How should I handle the actual sales contract? My inclination is to have each of the owners sign a contract to sell their undivided interest for a stated price per acre based on their percentage of ownership and have them have their contract notarized and forwarded to the title company which is handling the sale.
Otherwise, this contract is going to have to be passed around to 11 different people for signatures. This group has not been noted for working together real well in the past. I would like to get this sale done in this millenia.
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  N Cal Attorney replied 1 year ago.
You are going to need 11 signatures at least twice, once on the contract and once on the deed(s).

This seems like it is one contract that depends on all the owners agreeing, it does not really sound like 11 contracts that are independent of each other. The contract can state the gross sales price and the sellers can sign a separate side agreement specifying how they will divide the proceeds of the sale. That side agreement can be incorporated into the escrow instructions.

One solution as to the contract is to put in a clause that says something like: This document may be executed in multiple originals, each of which is the original as to the parties who sign it. Or the contract can state something like: Counterparts of the signature pages may be combined to create a document binding on all of the Parties, and together shall constitute one and the same instrument.

That way, you can prepare one contract with all the sellers' names on the signature pages, and each seller can sign a separate copy so you do not have to send the same document to each seller one at a time.

As for the deeds, it would be quicker to have each seller sign a separate deed conveying his or her interest to the buyer. Otherwise you would have to have one deed signed and notarized in turn by each seller, and that would take more time than having each seller sign a separate deed.

I hope this information is helpful.
N Cal Attorney, Lawyer
Category: Real Estate Law
Satisfied Customers: 8120
Experience: Since 1983
N Cal Attorney and 8 other Real Estate Law Specialists are ready to help you
Expert:  N Cal Attorney replied 1 year ago.
Thank you for the Excellent rating, and thank you very much for the bonus!

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