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There is a home owned by a father and son 80% Father 20% son

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in the state of Colorado...
There is a home owned by a father and son 80% Father 20% son in the state of Colorado. They do not talk or get along. 80% owner is out side the country usa and wants me to help him buy out the son, who lives in the property and does not want to sell or move, he is living for free. There is no mortgage on the house, just a couple liens. Father has no money and would like to quit claim 40% interest in the home to me, to have me buy out the 20% of the son and we become 50/50 partners and rent it out for income. Thoughts?
Submitted: 2 years ago.Category: Real Estate Law
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10/15/2015
Real Estate Lawyer: Alex Esquire, Attorney at Law replied 2 years ago
Alex Esquire
Alex Esquire, Attorney at Law
Category: Real Estate Law
Satisfied Customers: 16,742
Experience: Experienced Licensed Attorney / Real Estate Law Mentor
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Hello. My name is***** will be happy to answer your question.
I am sorry to hear about this unfortunate situation.

I am not permitted to tell JustAnswer.com what to do in their specific situation or list all of the legal rights that might potential apply in any specific situation, as such legal advice can only be provided by your local attorney, upon review of your entire case.

I can however, provide you with a general answer, if you have a legal question for me?

Thank you.

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Customer reply replied 2 years ago
What is the best language for a quitclaim deed. Current ownership is 20% to owner a and 80% to b. I need language for b to quitclaim me 40% of the property (50% of his 80%).
Customer reply replied 2 years ago
This will not change the 20% ownership of owner a.
Customer reply replied 2 years ago
3 years ago or so Mom, quitclaimed ownershop to the a/b owners above.
Real Estate Lawyer: Alex Esquire, Attorney at Law replied 2 years ago

Thank you for your follow up.

I cannot suggest any specific language for any actual document for JustAnswer.com customers, as such legal service can only be provided by your local attorney.

I will opt-out of your question at no charge to you and will open your question for other JustAnswer.com legal experts.

Thank you.

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Real Estate Lawyer: Barrister, Lawyer replied 2 years ago
Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 39,519
Experience: 17 years real estate, Realtor. Landlord 26 years
Verified

Hello, new expert here..

.

Will the son agree to sell his 20% interest to you should you become a partial owner?

.

If not, how do you plan to acquire his 20% interest?

.

.

thanks

Barrister

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Customer reply replied 2 years ago
no, 20% owner wants to live there for free. I was thinking of 1st trying to explain that I am a new owner and would buy him out. Father does not think he will. two if not, hire an attourney to force a sale of the property, or evict him and rent it out and share the rental income.
Real Estate Lawyer: Barrister, Lawyer replied 2 years ago

Ok, if the son won't agree to sell, then you would have to file a "partition action" in court to force a sale at public auction where you would be able to bid on the property along with the public and essentially buy him out if you were the high bidder. But this is your only option if he won't voluntarily agree to sell to you. You can't evict the son since he is an owner of the property and has equal rights to use and possession along with father.

.

As for the quitclaim deed, the father can just execute a quitclaim from him as the grantor back to him and you as the owners. That would then make you equal owners with the father at 40% each, with the son owning the remaining 20%.

.

.

thanks

Barrister

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Customer reply replied 2 years ago
Any idea of time frame if we have to take the son to court? Cost estimate or range?On the quit claim deed, is the grantor then also a grantee? a grantor quitclaims 40% to himself and 40% to me?
Real Estate Lawyer: Barrister, Lawyer replied 2 years ago

I would ballpark it at 2-4 months depending on the court's schedule and what it already has docketed. Cost...probably $3-5,000 depending on the attorney. This isn't something that can be denied and it is a matter of right of any owner, so you can shop on price because the same process is followed by any attorney.

.

On the quit claim deed, is the grantor then also a grantee?

.

Correct.

.

a grantor quitclaims 40% to himself and 40% to me?

.

No, he just adds you to the deed along with him. That makes you an equal owner of half his ownership interest. Since he already owns 80%, when he adds you to the deed along with him using the quitclaim, you automatically then own half of the 80% he owns, or 40%. So you don't need to mention anything about percentages at all. He just deeds his property interest from him to you and him and then you own it along with son and father.

.

.

thanks

Barrister

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Customer reply replied 2 years ago
Below is my first draft. Not sure how I would word it if there are no %? Can you suggest how.QUITCLAIM DEEDTHIS QUITCLAIM DEED, made this _____ day of October, 2015 between
"A" the Transferor, andZION LLC the Transferee,
whose address is, 8702 S. Balsam St. Littleton, CO 80128
WITNESSETH, that the Transferor, for and in consideration of the sum of TEN, DOLLARS ($10.00), the receipt and sufficiency of which is hereby acknowledged and received, and for other good and valuable consideration, the Transferor does hereby remise, release and quitclaim to the Transferee 50% of his ownership (40% of total ownership) to any interest he may have in the real property situate and being in the County of Adams, State of Colorado, described as follows:
Real Estate Lawyer: Barrister, Lawyer replied 2 years ago

What I would suggest is to just download a quitclaim deed form from a website like USLegalforms.com for a minimal cost. That way you are assured that it complies with all CO laws regarding quitclaim deeds..

.

Like this, just take out the "husband and wife" language:

.

CO Quitclaim Deed

.

.

thanks

Barrister

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Customer reply replied 2 years ago
I already have a form quitclaim deed, my question was verbage for it or the ones you suggest.
Real Estate Lawyer: Barrister, Lawyer replied 2 years ago

As I mentioned earlier....you don't need to put anything about percentages....nothing at all... It just needs to say Father as Grantor is transferring the property to Father and You as the Grantees... The division is automatic and doesn't need to be stated. It is really that simple and there is no reason to make it more complicated than that..

.

But the rest of the language is fine..

..

thanks

Barrister

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Barrister
Barrister
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Category: Real Estate Law
Satisfied Customers: 39,519
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Experience: 17 years real estate, Realtor. Landlord 26 years

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