My jurisdiction is: Houston, Texas
Note: Property is in Houston Texas.
My grandmother (Jane) died intestate. She owned 75% of her home and her sister (Maria) owned 25% of the home. Maria is also deceased.
Jane has 5 descendants who are now heirs (entitled to 75% of the property) and there are 6 descendants of Maria (who are also heirs, but entitled to 25% of the property).
Jane's heirs are all cooperative and looking to sell the property. Most of Maria's heirs cannot be found; one or two of Maria's heirs were found and are likely to cooperate with the sale of the house.
A very willing / able buyer for the house / property has been identified.
How can this property be sold to the willing / able buyer (assuming all efforts have been exhausted to find the missing heirs on Maria's side of the family and assuming that taking the matter through a Partition Suit would not be favorable)?
For example:
Can Jane's heirs sell it with some sort of non-traditional deed to the buyer? What type of Deed?
What is the risks that the buyer is taking if they did this? i.e., what is likely to happen if one of the six heirs--who are only entitiled to 25%--were to show up after the sale?
How does title insurance play into this scenario? Is title insurance a factor if the buyer is looking to buy the property outright (without a mortgage / lender).
What are the chances that we will be able to sell this property to the buyer?
Any help you could provide would be greatly appreciated.
Best regards,
G
Note: Property is in Houston Texas.
My grandmother (Jane) died intestate. She owned 75% of her home and her sister (Maria) owned 25% of the home. Maria is also deceased.
Jane has 5 descendants who are now heirs (entitled to 75% of the property) and there are 6 descendants of Maria (who are also heirs, but entitled to 25% of the property).
Jane's heirs are all cooperative and looking to sell the property. Most of Maria's heirs cannot be found; one or two of Maria's heirs were found and are likely to cooperate with the sale of the house.
A very willing / able buyer for the house / property has been identified.
How can this property be sold to the willing / able buyer (assuming all efforts have been exhausted to find the missing heirs on Maria's side of the family and assuming that taking the matter through a Partition Suit would not be favorable)?
For example:
Can Jane's heirs sell it with some sort of non-traditional deed to the buyer? What type of Deed?
What is the risks that the buyer is taking if they did this? i.e., what is likely to happen if one of the six heirs--who are only entitiled to 25%--were to show up after the sale?
How does title insurance play into this scenario? Is title insurance a factor if the buyer is looking to buy the property outright (without a mortgage / lender).
What are the chances that we will be able to sell this property to the buyer?
Any help you could provide would be greatly appreciated.
Best regards,
G