Legal Question in Real Estate Law in Pennsylvania

transfer deed

three people own a house one is leaving and wants to take their name off the deed. How is this done?

Asked on 3/08/07, 5:57 am

2 Answers from Attorneys

Gerald Hershenson Law Office of Gerald M. Hershenson
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Re: transfer deed

A new deed must be prepared transfering the one third interest. Depending on the relationship between the parties there may be a transfer tax due

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Answered on 3/08/07, 7:28 am
Miriam Jacobson Law Offices of Miriam N. Jacobson
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Re: transfer deed

If there is a mortgage on the house, the mortgage holder's permission must first be gotten. If the mortgage holder consents, the 2 remaining owners may buy out the interest of the one who is leaving, and the one who is leaving would sign a deed transferring her/his interest to the remaining owners. The deed must be recorded, and may be subject to transfer tax.

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Answered on 3/08/07, 10:37 am

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