If I own a camp on leased land with my brother and sister and mow my sister wants out, can we do it with just a bill of sale?

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If I own a camp on leased land with my brother and sister and mow my sister wants out, can we do it with just a bill of sale?

It was willed to us several years ago by our mother.

Asked on June 6, 2017 under Business Law, New Hampshire

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

Yes, if she is an owner of a business (e.g. the camp) and not of land, then she can transfer her interest to you and your brother by a bill of sale or contract. Be aware that if you get it for less than fair market value, there may be tax consequences, since to the degree you get her share for less than market value, it is a windfall to you and/or your brother; speak with a tax preparer to see what the effect may be.
If she is on the deed of the underlying land, she'd need to do a quitclaim deed transfering her interest in the land to you.
If she is on a lease for the land, if the lease states there are no assignments without the landlord's permission, she'd need the landlord's consent to be removed from the lease; if there is no restriction on assignment in the lease, she can simply assign her rights and obligations under the contrat to you and your brother.


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