Posted on: 16th Apr, 2008 09:24 pm
If there are five sisters and brother equal owners in undivided interest property and only one lives on the property and that one is the only one paying taxes on the property,what can that one do to get total control of the property?
Welcome wanda,
The person on the deed or title to the property will be the owners. All owners need to make some contribution towards the property taxes. Since only one person is paying the tax, there is a chance that he may claim the property entirely but he can only get it when all other owners transfer their interest over to him by signing over a deed.
The person on the deed or title to the property will be the owners. All owners need to make some contribution towards the property taxes. Since only one person is paying the tax, there is a chance that he may claim the property entirely but he can only get it when all other owners transfer their interest over to him by signing over a deed.
welcome wanda,
to get the total ownership the other owners will have to quitclaim the property to you. so are they willing to transfer the property to you?
is it a mortgaged property? if it is a mortgaged property then you may have to refinance the mortgage on your name before the other owner quitclaims to you as you will be the sole owner of the property.
let me know if you have any further quires.
to get the total ownership the other owners will have to quitclaim the property to you. so are they willing to transfer the property to you?
is it a mortgaged property? if it is a mortgaged property then you may have to refinance the mortgage on your name before the other owner quitclaims to you as you will be the sole owner of the property.
let me know if you have any further quires.
What if the only way they will do this is selling me their share of the property?I can not afford to buy all of their shares.Is there another allternative?
You can try to take a mortgage to buy the other owners out. Shop a bit for lenders and see if anyone can help you out.
Easiest way would to get everyone to sign their share over to the tax payer. Providing they are willing the easiest way to do this would be through quit claim though if there is a mortgage involved you may have re finance.