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  1. #1
    Join Date
    Jan 2006
    Posts
    1

    Default Quit claim process in Fla.

    My mother's estate was left to her three children and three grandchildren to be split equitably. The estate includes her house. If one of the children or grandchildren want to buy the home, what is the best, easiest, and most economically prudent way of going about it? The house has no liens or mortgages against it, and has been paid in full for years. Would a quit claim eliminate "closing costs" or other charges incurred when buying a home utilizing a conventional mortgage method? What are the pros/cons. The house is in Florida.

    Thanks!

  2. #2
    Join Date
    Mar 2005
    Location
    Michigan
    Posts
    28,906

    Default Purchasing a House from the Estate

    If the estate is still open, it should be possible for the child who wishes to purchase the house to buy it from the estate, with the purchase money then divided between the heirs in lieu of their taking a share of the house. The other heirs can also work out a deal where they are paid money by the purchasing heir, and in return decline their inheritance of their share of the house. It is best to discuss these options with a legal or financial professional, to make sure that the transaction is handled properly and to make sure that any potential taxes or fees are minimized.

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