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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Quitclaim Posted by Tom on March 26, 2008 at 10:24 AM In Reply to: spliting purchase? posted by gc on March 26, 2008 at 9:43 AM I'd quitclaim the properties from the purchasing entity to the individual partner's entities, if you can agree on who gets which houses. Sounds like a draft might work. How you equalize the values is up to the partnership, but you'll probably have to assign values to each house before the division. How you do this objectively is the $64 question particularily among non-real estate people. Assuming no (re)financing, the downside is that you'll have additional recording fees and new title ins. Not a minor expense. I'd have the division, however it's done, completed before the purchase and simultaneously deed the properties to avoid insurance problems. Don't forget any tax implications & filings. Get a good accountant. Other than that, you're home free. Have I missed anything? It's probably more hassle than you thought it would be. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : I'd quitclaim the properties from the purchasing entity to the individual partner's entities, if you can agree on who gets which houses. Sounds like a draft might work. How you equalize the values is up to the partnership, but you'll probably have to assign values to each house before the division. How you do this objectively is the $64 question particularily among non-real estate people. Assuming no (re)financing, the downside is that you'll have additional recording fees and new title ins. Not a minor expense. I'd have the division, however it's done, completed before the purchase and simultaneously deed the properties to avoid insurance problems. Don't forget any tax implications & filings. Get a good accountant. Other than that, you're home free. Have I missed anything? It's probably more hassle than you thought it would be. [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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