How would this be handled?

[barfbag388]

What is the name of your state (only U.S. law)? CA

Father passed away in 1995 and mother passed in 2008. Due to extremely limited assets (small bank account held as joint tenants between my mother and myself), we were not required to go through probate. All 4 siblings were given an equal amount and everyone was happy.

Approximately 40 years ago, my father, mother and their business partner took title to a property as tenants in common. Many years ago, my father's business partner bought my parents out but he never removed their names from the grant deed.

He now wants to get their names removed. What do we need to do?

 

[LdiJ]

What is the name of your state (only U.S. law)? CA

Father passed away in 1995 and mother passed in 2008. Due to extremely limited assets (small bank account held as joint tenants between my mother and myself), we were not required to go through probate. All 4 siblings were given an equal amount and everyone was happy.

Approximately 40 years ago, my father, mother and their business partner took title to a property as tenants in common. Many years ago, my father's business partner bought my parents out but he never removed their names from the grant deed.

He now wants to get their names removed. What do we need to do?

You will all need to get an attorney involved. I am assuming that by property you mean real estate, so you will likely need a real estate attorney. Since this is not YOUR problem (its their former partner's problem) he/she should be handling the legal costs of getting this resolved. Since you all obviously agree that your parents were bought out many years ago then all of you should simply cooperate with the former partner's attorney.

 

[HRZ]

Agree...let former partner do all the legwork and cooperate by signing off ...if, factually your parents were paid out in full for real estate ...not just the business operations ...ultra sloppy of partner ...

 

[latigo]

What is the name of your state (only U.S. law)? CA

Father passed away in 1995 and mother passed in 2008. Due to extremely limited assets (small bank account held as joint tenants between my mother and myself), we were not required to go through probate. All 4 siblings were given an equal amount and everyone was happy.

Approximately 40 years ago, my father, mother and their business partner took title to a property as tenants in common. Many years ago, my father's business partner bought my parents out but he never removed their names from the grant deed.

He now wants to get their names removed. What do we need to do?

You don't need to do a blessed thing. It isn't your problem so don't follow LdiJ's "unschooled advice" and spend any money with an attorney.

Secondly, your parents' names cannot be removed from the "grant deed"! Meaning the deed whereby your parents acquired an ownership in the subject property. Not now nor then!

Once a deed is executed., delivered and placed of record, the instrument itself can never be altered, amended or changed. If there are errors in the instrument there is a means of curing the error by way of a correction deed (again executed, acknowledged by the same grantor(s), but the original instrument remains a permanent unaltered document.

If it is the case that your parents names appear on the county land records as having an ownership interest in the subject property AND the "partner" wishes to clear their names from those records and be able to pass merchantable title to his successors he has but one choice and that is to quiet title to the property. Its possible that he may think that he can avoid that cumbersome, paper eating and time consuming lawsuit by obtaining quitclaim deeds from your family members, but a title company will never buy it as the chain of title would end with your parents acquisition. In other words their title was not passed on via probate or otherwise. As a result any policy of title insurance subsequently issued will list as a exception the rights and interests of the unknown heirs and devisees, claimants and assigns of your parents.

Should the partner proceed with a quite title suit your only participation might be to sign a disclaimer and consent to the entry of a judgment quieting title in the name of the plaintiff; to be prepared if requested by his attorney.

 

[LdiJ]

You don't need to do a blessed thing. It isn't your problem so don't follow LdiJ's "unschooled advice" and spend any money with an attorney.

Your reading comprehension needs some work, since I specifically told them to make the other party pay for any legal work needed as it was THE OTHER GUY's problem.

Secondly, your parents' names cannot be removed from the "grant deed"! Meaning the deed whereby your parents acquired an ownership in the subject property. Not now nor then!

Once a deed is executed., delivered and placed of record, the instrument itself can never be altered, amended or changed. If there are errors in the instrument there is a means of curing the error by way of a correction deed (again executed, acknowledged by the same grantor(s), but the original instrument remains a permanent unaltered document.

If it is the case that your parents names appear on the county land records as having an ownership interest in the subject property AND the "partner" wishes to clear their names from those records and be able to pass merchantable title to his successors he has but one choice and that is to quiet title to the property. Its possible that he may think that he can avoid that cumbersome, paper eating and time consuming lawsuit by obtaining quitclaim deeds from your family members, but a title company will never buy it as the chain of title would end with your parents acquisition. In other words their title was not passed on via probate or otherwise. As a result any policy of title insurance subsequently issued will list as a exception the rights and interests of the unknown heirs and devisees, claimants and assigns of your parents.

Should the partner proceed with a quite title suit your only participation might be to sign a disclaimer and consent to the entry of a judgment quieting title in the name of the plaintiff; to be prepared if requested by his attorney.

Yes, like I said, since they all agree that the parents were bought out they should cooperate with the process.