So, we (me and my 2 siblings) have inherited a 6.5% interest in a commercial property. As executor, I gave everyone the option to purchase this interest at a 15% CAP rate. This make sure that whoever buys it, will at minimum get their cash out over the course of the lease (5 years left), and also made it clear that if tenant renews, then it is a great deal, but that is a big IF. You could be left with an empty building worth about 30% of its original cost. Basically, they bought a 15 year lease and are making 7% on the cash invested. So now you know the backstory. Neither of the siblings want the property, so I have bought them out. My question is, how to I document the transfer of interest to me from the estate? I only have a 6.5% interest, so I assume I have no need to get a quit claim signed. I was thinking a memo of understanding between the parties stating that they have been paid and have no interest in the property, and the interest will go to me. Have this signed and notarize...
Long backstory.. Our current agent has sold a home of ours and also bought our current home. We are looking to buy and sell again so we signed a buyers agreement with them. We have been looking since September 2025. We admittedly do have a steep requirements list that I think our agent doesn't really like because it makes it harder to find a suitable property. We missed out on a property that was bought sight unseen. I expressed my concerns that I didn't think it would make it to market when I saw the "coming soon" listing but my concerns were dismissed. I brought it up multiple times and we were considering maybe doing the same to have a chance. I was told essentially I was being silly and that our requirements are not the typical ones of most buyers so there shouldn't be an issue. Well after an hour long call about the property, I get a phone call right back from our agent saying it's under contract. I was pissed. After that moment our agent told us th...