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Irwin Law
Irwin Law, Lawyer
Category: Real Estate Law
Satisfied Customers: 7404
Experience:  Lawyer- Broker 30+years - foreclosure, short sale, liens, title attorney.
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I am presently, 1/5th owner of property which my other four

Customer Question

I am presently, 1/5th owner of property which my other four siblings own as well. I am the senior of the siblings and I am first on the deed. The property is located in Broward County, city of Ft Lauderdale, Fl. I want to purchase the property from my other four siblings. Since I am purchasing the property for $22,500, my siblings are assuming that they will receive $22,500 divided by four. Although I am the purchaser I am wanting to know if they will be receive $22,500 divided by 4 and I amanita entitled to any portion of the $22,500. This is my question?
Submitted: 1 year ago.
Category: Real Estate Law
Customer: replied 1 year ago.
Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call. Let me know if you need more information, or send me the service offer(s) so we can proceed.
Customer: replied 1 year ago.
my contact number at home is(###) ###-####do not call me at number provided on you site as that is my work number thanks LINDA B
Expert:  Irwin Law replied 1 year ago.

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.

Customer: replied 1 year ago.
THANK YOU, ***** ***** ME A LITTLE PIECE OF MIND. I AM SURE I WILL NEED ASSISTANCE WITHIN THE NEXT COUPLE OF DAYS. I KNOW I WILL NEED FURTHER ASSISTANCE WITH THIS PURCHASE. THANK YOU
Expert:  Irwin Law replied 1 year ago.

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.