Real Estate Law
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I just received the as is cash residential contract for sale and purchase with the stipulation that I who is partial owner of this property should not receive any funds because I am the purchaser and one of the seller.
This mathematics of this kind of transaction is always a little confusing. If the total value of the property is 22,500, and that is the total of what is being paid, then it doesn't make any difference if you are the buyer or if the buyer is a stranger. The $22,500 gets divided five ways not four. If the siblings receive $4500 each, and you receive nothing, then that is as if you are paying $25,000 for the property, not 22,500. In order to avoid a lot of confusion tax wise, it is better to set up the purchase with a $25,000 purchase price, and showing you receiving your $5000 share. I will be happy to offer you a telephone conference call if you feel you need one.
Just to clarify the math again. $22,500 divided by four equals $5625. Divided by five equals $4500. Therefore out of the $22,500 that you are paying, you will receive back $4500. Please be so kind as to promptly rate this answer favorably so that I may be compensated and the question may be closed in the system. There is no additional cost to you. Thanks again for using JUST ANSWER.