How does the joint owner of a property give up his share?
Full Question:
We have 66.7% ownership in a condominium. The 33.3% owner would like to be removed from all obligation. What is the most cost effective method to handle this transaction?
04/28/2009 |
Category: Real Property ยป Deeds |
State: ALL |
#16346
Answer:
Transfer of ownership in a joint tenancy may be most commonly accomplished through a deed transfer or a partition action may be brought in court. A private transfer of deed is typically less expensive than a court partition pro-deeding. Upon transferring a deed, there are costs, which vary by local area. Such costs, may include, among others, taxes and recording fees. I suggest calling the local recorders office for precise fees and applicable costs. It is possible that a condominium association agreement requires conditions or fees to be paid upon transfer as well.