I own a property with my brother as a joint tenants with right of
survivorship. What do we need to do if I want to give him my part?
meaning...if i want him to Hold the title on his own?
please let me know
thanks
nn
"nnnnn" <> wrote in message
news:
>I own a property with my brother as a joint tenants with right of
> survivorship. What do we need to do if I want to give him my part?
> meaning...if i want him to Hold the title on his own?
All you need to do is to record a new deed in the county showing that you
and your brother are the grantors and your brother is the grantee (see a
local title company). You may need to check any loan documents to make sure
that there are no issues.
>
> please let me know
>
> thanks
>
> nn
>
See a lawyer.
(S)he can draw the proper deed and record it.
Also there may be federal and state gift tax issues.
If there is a mortgage loan or lien on the property and you are jointly
and severally liable with your brother - a new deed will not change
this. Thus if the loan defaults, you could have to pay your share OR
all of it - and no longer have an interest in the property to sell to
help pay the debt.
SteelVEST
we fully own a condo. we ar enot paying a mortgage, so there is no loan
issue...
what if one of us decide to sell the condo...does the other one has to
sign something or...?
thanks
No, once the new deed is executed with your brother as sole grantee, he
will own all of it and your signature is not needed.
I agree you should see an attorney. It's cheap insurance.
MD
Real Estate Paralegal