Posted on: 07th Feb, 2008 08:10 am
I own a piece a property with someone else and we are Tenants in Common. He has asked to be removed from the property responsibilities. How can I remove him from the deed? Will transfer taxes be incurred? I live in the state of PA.
hi kemplvr.
welcome to the forum.
to remove him from the deed he will have to quitclaim his share of the property to you as a grantor. but that will not release him from the financial responsibilities. you will have to refinance the mortgage on your name. so you should talk to the lender asap.
feel free to ask if you have any further questions.
thanks.
larry
welcome to the forum.
to remove him from the deed he will have to quitclaim his share of the property to you as a grantor. but that will not release him from the financial responsibilities. you will have to refinance the mortgage on your name. so you should talk to the lender asap.
feel free to ask if you have any further questions.
thanks.
larry