Help with info about Bargain and Sale Deed...?

Question

My mom passed away last year and left her house to me and my three siblings. Our sister is going to buy us out out (me and my brothers). She is trying to get financing to buy us out, and I just received some paperwork from an escrow/title company requesting my signature on a Bargain and Sale Deed that (stated) will allow my sister to refinance. I don't understand a lot of the legal "mumbo-jumbo", and am not really sure of what I am actually authorizing by signing. Would I basically be transferring title of the property over to her? I have NO other paperwork which states that I will be compensated X dollars by her for the property. Can I hypothetically screw myself by signing this? Seems kind of odd to me that there wouldn't be any other paperwork stating that she will compensate me for the property. Help? Thanks.

Answer 1

G please answer me this, did the deed require all of you children that are selling to sign?? Its very important that we know that ,then I can give you a legal answer. If it helps, the danger is not on the sellers side but the buyer side. Give the answer I have requested.



I see that your sister is the executor of your late mothers will, this form of deed is used in quite a few states to transfer property to the executor for them to disperse the estate. From the grantees point of view this is not a great deed because if it states "without covenants" the could still be liens on the property for taxes and or back mortgage money, rights of way over the property that is not clear at the moment, and you and your other brothers and sisters are not giving any guarantees that it is a clear title. The property is not at peril for you and the others because the property still has to be sold at an arms length, open market price, or if your family have said you will sell it to your sister for a certain price that is Okay too. The will has to be properly probated and I suggest you and the others agree to have a lawyer near where all this is taking place handle things for your end. Ask the lawyer what his charge will be before you commit and if you dont like what you hear, go to the next one. I have seen many of these sort of cases start off well but most end in tears, someone always think they got the sticky end of the stick. It will not cost a lot but a lawyer will get you through the legal minefield of settling the estate.

Answer 2

Yes, you can screw yourself.



A "bargain sale Deed" just means it is a transfer of the property and there was "bargaining" involved with the price (ie: it was negotiated). The Deed should say how much money the property is being transferred for (ie: sold for)... but in some states that is not required.



I would put in writing (or an email) to you and your siblings what the transfer price will be, if that is acceptable, then sign it.. The problem your sister is going to have is that the mortgage company will want the highest valuation for the property on paper, but want to pay the other 3 siblings as little as possible.



In theory, what ever the house is worth, your sister will only need a mortgage for 75% of that money, so the mortgage would be essentially 25% down.



Keep in mind, you sign that Deed, you are giving the property to your sister. You better either 1) trust her that she will be fair or 2) have in writing what the plan is.



-LUCK

Answer 3

A provide deed is utilized in a few states and jurisdictions for the sale or different switch of truly estate from one individual or entity to a further individual or entity. Each occasion shifting an curiosity within the estate, or "grantor", is needed to signal it. Bargain and sale deed Main article Bargain and sale deed A 3rd variety of deed, referred to as a discount and sale deed, means that the grantor has the proper to deliver name however makes no warranties towards encumbrances. This variety of deed is such a lot usually utilized by court docket officers or fiduciaries that preserve the estate through drive of regulation alternatively than name, reminiscent of homes seized for unpaid taxes and bought at sheriff's sale, or an executor. a QUIT declare deed does what you're asking approximately. a give up approach 'anything I possess at this cope with, I hereby assign to you." it's the weakest variety of deed.