LawProblems.com -- Answers to Questions About Real Estate Law
Money and real estate news you can use everyday
 
           

Home
Real Estate Lawyer
Question of the Week
Tip of the Week
Recommended Books
Resources
Glossary
Contact Sam

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.

 

 

 

RSS Feeds

RSS 0.91 Feed
RSS 1.0 Feed
RSS 2.0 Feed
ATOM Feed

Home Buying   Using Attorneys to Buy a Home - Earnest Money - Quitclaim Deeds - Easements - Seller Misreprensation - New Construction - Buying with Partners - Home Inspections - Seller Problems - Agent Issues
Home Selling    Using Attorneys to Sell a Home - Seller Disclosure laws - Title Problems - Buyer Problems - Real Estate Agent Issues - Tax Considerations
Home Ownership   Neighbor Problems - Seller Misrepresentation And Fraud Issues - Problems In a Condominium Development - Problems Around The House - New Construction Issues - Subdividing Land
Home Renovation   Architect Issues - Contractor Issues - Problems With Contractors - Inspection Issues - Certificate Of Occupancy - Municipal Inspections - Punch List Issues - Financing Issues - Installment Contracts
Real Estate  
Financing
 
Loan Application Problems - Refinancing Issues - Paying Off An Old Loan - Credit Problems - Seller Recommended Lender - Prepaying A Loan - Prepayment Penalties - Predatory Lenders
Investment  
Property
 
1031 Exchanges - Financing Investment Properties - Landlord and Tenant Issues - Partnership and Company Considerations - Tax Considerations - Subdividing Land
 
Contact Us | Sitemap | Terms of Use | Copyright ©2001-2005. ThinkGlink Inc. All rights reserved.
Reproduction of material from any www.LawProblems.com pages without written permission is strictly prohibited.
Site design by Walker Sands Communications