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Transferring Ownership of Property

Ask the Real Estate Lawyer: Real Estate Law Q&A

REM #LAW 750

By Ilyce R. Glink and Samuel J. Tamkin

Summary: A ThinkGlink reader would like to add his partner as a 50 percent owner to a condominium. Ilyce and Sam explain the best way to proceed.

Q: I want to add my partner onto the title of my condo as a 50 percent owner. When filling out the deed do I put that I am transferring a 50 percent ownership to him or does that happen when we record the document?
(article continues below useful links)

The deed says "all that real property situated etc" Should I change the word all to 50 percent? We will record the deed as tenants in common.

A: Thanks for the question. Many deed forms are set up for the purpose of conveying all the ownership from one person to another.

Generally, to convey part of your interest to another person, your deed must specifically state that you are conveying to a person a certain percentage ownership in the property. In some cases, the clearest way to convey title would be to convey title to yourself and to your partner and indicate that each of you are owners at to a 50 percent interest in the property.

For further information, you should talk to a real estate attorney in your area or to a title company representative who may be able to give you more information about filling out the deed.

NOTE: This column is distributed by Real Estate Matters Syndicate, PO Box 366, Glencoe, Illinois, 60022. This column may not be resold, reprinted, resyndicated or redistributed without written permission from the publisher.




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