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
Answered on 3/08/07, 7:28 am
Miriam Jacobson
Retired from practice of law
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.
Answered on 3/08/07, 10:37 am
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