Legal Question in Real Estate Law in Georgia

Partial transfer of property (condo)

My wife owns a condo (she bought it before we were married), which only allows 20% of the units to be rented out at any time. Thus, we cannot rent her unit out currently. However, we have my wife's best friend renting from us in the unit, even though it is not allowed. However, we would like to be able to document that her friend is part owner (we would be willing to make her part owner, insuring she is not on the mortgage), to insure we never have a problem we the association and that way we could even bring in another tenant. Is ther a way to make her friend part owner (at least on paper).


Asked on 8/04/05, 9:29 pm

1 Answer from Attorneys
Glenn M. Lyon, Esq. MacGREGOR LYON, LLC, Business Attorneys

Re: Partial transfer of property (condo)

Your wife would need to deed the property to herself, you (if desired) and her best friend. Your wife would still be on the hook for the mortgage, but the 2 or 3 of you would legally own the property.

If you would like to discuss any issues further, please feel free to contact my office. My contact information is below. Thank you.

The foregoing is general information only, not specific legal advice. No attorney/client relation has been created or should be implied.

Glenn M. Lyon, Esq

MacGregor Lyon, LLC

Promenade II

1230 Peachtree Street NE

Suite 1900

Atlanta Georgia 30309

Phone 404.942.3545

Fax 404.795.0993

[email protected]

www.macgregorlyon.com

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Answered on 8/05/05, 11:30 am


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