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

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

Read more
Answered on 3/08/07, 7:28 am

Miriam Jacobson Law Offices of Miriam N. Jacobson

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.

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

Related Questions & Answers

More Real Estate and Real Property questions and answers in Pennsylvania