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Old 06-09-2021, 11:05 PM   #1
UncleBubba
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Default Land deed question

We are going to build on some family property. My dad owns 3/4 of the property and the last 1/4 is split between my dad, two aunts, and one cousin. Can my dad deed me at least his 3/4 share of the property? 1/2 of the property is flood plain and there is no dictation on who has which part of the property. No family qualms and I can probably get them all to sign it over but figured Iíd ask worst case scenario. Thanks in advance.
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Old 06-09-2021, 11:12 PM   #2
Benno
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This seems to be a question right up Burnadells alley. But Iíll take an uneducated stab at it. If Iím a lender, not a chance Iím lending money to build your house on property someone else has a portion of claim to. If youíre paying cash, itís your risk.
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Old 06-09-2021, 11:40 PM   #3
Grayson
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Survey out your portion (non-floodplain if you plan to finance and/or want insurance), and get all vested owners to deed their interest in that tract to you. Be sure to check city/county regulations on platting requirements, if any.

If financing, your bank is going to get a lender’s title insurance policy (and quite frankly you need an owner’s policy) and it won’t be insured if fewer than all the owners convey.

Caveat:we have no attorney-client relationship, your specific situation might differ, consult a local lawyer, I don’t know who the current owners are, blah blah blah.
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Old 06-10-2021, 12:00 AM   #4
jmiles95
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personal opinion from personal experience...you don't want an undivided interest if you can help it. you are much better off to own your piece outright.

i don't know if that's what you have here, but often it seems like when property is inherited, it just goes down in undivided interests versus being partitioned out. technically, anyone with an interest can use all of the property, and they can also hold up a sale if they don't want to sell their portion.

especially if you are going to invest a lot into a home on the property, i'd sure try to get it moved solely into your name if possible.

good luck!
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Old 06-10-2021, 06:09 AM   #5
jaspermac
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If you put a structure on undivided interest property, the other owners will technically own a percentage of your structure. If you ever divide it, it will be a nightmare.

Like others have said, lenders won’t touch it
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Old 06-10-2021, 08:10 AM   #6
easeup
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triple trouble brewing as you explained it.
buy it outright from the owners to clear the slate first.
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Old 06-10-2021, 08:33 AM   #7
M16
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I wouldn’t consider doing something like this without hiring an attorney. The advice from those who practice law only on the green screen are worth exactly what you do pay them. I’d hire Grayson.
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Old 06-10-2021, 08:49 AM   #8
Kossetx
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No family issues now but there WILL BE later. Get it settled prior to doing anything. DAMHIK
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Old 06-10-2021, 09:04 AM   #9
Throwin Darts
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If you are building on an divided interest you will be doing it all cash because no lender will lend on this.

Good luck selling it if you ever needed to move.
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Old 06-10-2021, 09:49 AM   #10
Duckologist
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Well if his dad deeds him his 3/4 share it would be his and his alone. No divided interest on that 3/4 share as long as there are established property lines on what dad owns vs what everyone else owns.
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Old 06-10-2021, 10:00 AM   #11
TeamAmerica
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Quote:
Originally Posted by Duckologist View Post
Well if his dad deeds him his 3/4 share it would be his and his alone. No divided interest on that 3/4 share as long as there are established property lines on what dad owns vs what everyone else owns.
He already implied it WAS an undivided interest when he stated there was no dictation of who owns any part of the property. This is a not as big a deal unless he need title insurance and a loan. But a lender won't touch it.

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Old 06-10-2021, 10:42 AM   #12
UncleBubba
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Thanks for the responses, learned something new. We will not build until We have the property surveyed and property lines drawn. In a perfect world I will be able to have the whole property but I know with family there are always hurdles. My aunts have already said they'd sign their parts over, now my cousin may be another story. I will have to buy his portion, but that's not a problem. Again thanks for the responses.
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