Expert: Dick Dennis - 7/6/2009

Question
I,m interested in purchasing a property currently owned by 9 individuals.  Only eight of the nine can be found.  How can I purchase the know eight shares and then deal with the ninth person individually.  Can I publish and get a quick claim on the ninth.

Answer
It is my opinion, Gary, you should not buy the eight parts until you have agreed to purchase the ninth. You should do it this way: You get an option to buy the property from each of the eight parties. An option should have a closing date of execution, and, if you want, subject to you obtaining an option or agreement to purchase from the ninth.

The reason why you want to do it this way is because that ninth person can hold you up and thus force you to pay more than you anticipate for it. You want to make sure you do this correctly and clean. There is an adage in real estate: "He who wants it most, loses." And you definitely are in a position of wanting it most. Therefore I strongly recommend you consult with a REAL ESTATE attorney to put this thing together for you the right way.

A good attorney and a highly knowledgeable real estate broker (not just any agent) has ways of finding that ninth person. And if that person is not alive or out of the country, he will show you how to do it properly. I do wish you well.

Dick Dennis
dixiedee13@aol.com