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Feb 12th, 2024
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 Question on lady bird deed
#8288267
06/08/21 11:40 AM
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Joined: Jul 2009
Posts: 493
Schanz
OP
Bird Dog
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OP
Bird Dog
Joined: Jul 2009
Posts: 493 |
My wife is part owner of a house though a lady bird deed with 2 other family members. We're going to buy out the other family members with cash. On the real estate contract, does my wife need to be listed as the 'buyer' and 'seller'? I called the title company and they said go ahead and list as both but they weren't 100% sure... Any real estate guys on here familiar with lady bird deed contracts?
Thanks!
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Re: Question on lady bird deed
[Re: Schanz]
#8288285
06/08/21 12:01 PM
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Joined: Feb 2008
Posts: 14,151
glens
THF Celebrity
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THF Celebrity
Joined: Feb 2008
Posts: 14,151 |
Most Title Companies have a real estate Attorney to bounce questions off of. If not, that's the first I would call. With all due respect,,, Wouldn't ask most of these Pumpkin Heads. 
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Re: Question on lady bird deed
[Re: Schanz]
#8288355
06/08/21 01:40 PM
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Joined: Sep 2009
Posts: 402
on the fly
Bird Dog
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Bird Dog
Joined: Sep 2009
Posts: 402 |
Your wife would be listed as the buyer and the others as sellers.
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Re: Question on lady bird deed
[Re: on the fly]
#8288362
06/08/21 01:43 PM
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Joined: Jan 2013
Posts: 19,663
Pitchfork Predator
THF Celebrity
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THF Celebrity
Joined: Jan 2013
Posts: 19,663 |
Your wife would be listed as the buyer and the others as sellers. Yes.....she is buying their ownership, not hers.....
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Re: Question on lady bird deed
[Re: Schanz]
#8288375
06/08/21 01:59 PM
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Joined: Jul 2008
Posts: 3,805
Big_Country01
Extreme Tracker
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Extreme Tracker
Joined: Jul 2008
Posts: 3,805 |
Not legal advise, but your wife is not selling her share. She is only buying the others.
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Re: Question on lady bird deed
[Re: Schanz]
#8288619
06/08/21 06:27 PM
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Joined: Dec 2004
Posts: 2,469
bassfishinglawyer
Veteran Tracker
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Veteran Tracker
Joined: Dec 2004
Posts: 2,469 |
I'm not an estate planning type, but I've seen it both ways. Never understood being the "seller" and "grantee" part in the contract and deed, but I've seen it done that way.
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Re: Question on lady bird deed
[Re: Schanz]
#8288623
06/08/21 06:33 PM
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Joined: Apr 2012
Posts: 1,688
SherpaPhil
Pro Tracker
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Pro Tracker
Joined: Apr 2012
Posts: 1,688 |
Both ways work. Down the road, it's cleaner if she is listed as both buyer and sell because then you have one document that transfers 100% of title, rather than two. Both are legally sufficient, however.
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