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Situation: Family member signed over a small parcel of land…

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Hello: Situation: Family member signed...
Hello: Situation: Family member signed over a small parcel of land via quit claim deed several years ago. The land has pretty low value, maybe $10,000. Family member who received the deed just stored it for safe keeping and didn't record it for various reasons. Expense of recording and possible tax savings if they were going to sell it be lower taxes in the recorded owners name. Recently the power company requested to buy the land and after negotiating offered a very fair offer price to buy the land making the value of the land now much more serious being over $30,000. Question: If the current recorded owner signs docs and sells lands, per my verbal instructions and the check comes in her name it would seem obvious I'd have no rights to the $ unless of course she remains honest and a close family member. Not that I'd keep all of it but a majority would be mine. The buying process is as follows: seller signs a document called, OPTION TO PURCHASE. Buyer picks escrow,company and drops off earnest money. and after delivery of the DEED, prepared during escrow I'm assuming, the buyer will give the remaining money.Question: how can the UNRECORDED owner of the land protect himself regarding this situation? Is the only way to protect himself to just record his deed he has been holding on to? Can he ask the current RECORDED owner of the land to sign a letter w/ a certain statement on it for escrow to cut him a certain $ amount of the proceeds, which is what the two parties are going to do anyway. Or is the only option to record the deed to protect himself?Thank you.
Submitted: 11 months ago.Category: Real Estate Law
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Answered in 4 minutes by:
8/5/2017
Real Estate Lawyer: Infolawyer, Lawyer replied 11 months ago
Infolawyer
Infolawyer, Lawyer
Category: Real Estate Law
Satisfied Customers: 62,959
Experience: Experienced lawyer
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Greetings! I am a legal expert on the site and am working on your question.He should record his deed.
If there is a dispute on ownership a court action can be filed to determine and declare rights and ownership.Please let me know if that is acceptable and feel free to reply back and follow up
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Customer reply replied 11 months ago
Well I was hoping for a little more. Basically, what docs would need to be signed so the Currently recorded owner of the land properly distributes $$ to me after the sale is complete? A document signed stating she will pay me "X" amount of money, which would be due immediately upon closing of sale. Of course, filing the deed would be best I understand.
Real Estate Lawyer: Infolawyer, Lawyer replied 11 months ago
A contract could be executed and notarized agreeing to such transfer along with a quit claim deed of all rights in the property - both recorded.Good luck.Please let me know if that is acceptable and feel free to reply back and follow up
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