Quitclaim Deed, Capital Gains, And Property Payout For Trustees
My father passed away in October 2023 and left some property, including his residential home to me and 3 other siblings. After finally settling his legal obligations I now need to liquidate the assets and fulfill the matters of the will (money to cousins, neighbors, friends etc.)
Into: I would like to keep the residential home (located in Southern California, valued at 950k) and “buy out” or pay my 3 siblings the split breakdown cost. Ideally, I would simply like to tell the siblings the property was sold at market value and not give further information about who purchased the he property (which would be me).
Note: My father took out a 250k refinance loan on the house before passing.
Question: What’s the math breakdown here considering the loan, the 4 siblings (heirs), real estate fees, or title transfers??
Would a quitclaim deed be the best option to avoid fees or real estate expenses??
Do me and my siblings have to worry about or consider capital gains taxes or fees?
In order to pay out my 3 siblings for their share of the property, what type of loan would i need to apply for?? Do I need to have money as a down payment or would the estate itself be used as collateral as a “refinanced mortgage”
I apologize if my questions are ignorant, but I have no idea what this process is and who I need to hire to facilitate things or what to do in order to transfer the property and payoff the siblings in a timely manner.
My dumb math is: House value 950k - 250k (refinanced loan) = 700k . 700k split 4 ways = 175k . Loan needed to payout 3 siblings = 525k (how much fee or taxes should be considered?)
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