0
Can you quit claim a majority of your jointly owned undeveloped real estate to the other joint tenant but retain title to a small specific part of the property?
Wiki User
∙ 11y ago
Yes, you can but you will need the assistance of an attorney who specializes in real estate law. Deeds should always be drafted by a professional. Errors made by non-professionals can be costly to correct if they can be corrected at all especially in your case where some portion of the land will be retained by you.
The portion you want to reserve must be clearly described and designated as an exception and reservation in your deed of your interest to the other joint owner. That way, the other joint owner will acquire sole title to the larger portion but your smaller portion will remain in both owners. You might consider asking the other joint owner to transfer all their interest in the smaller portion to you so that property will be your own sole property. The attorney can advise you.
Yes, you can but you will need the assistance of an attorney who specializes in real estate law. Deeds should always be drafted by a professional. Errors made by non-professionals can be costly to correct if they can be corrected at all especially in your case where some portion of the land will be retained by you.
The portion you want to reserve must be clearly described and designated as an exception and reservation in your deed of your interest to the other joint owner. That way, the other joint owner will acquire sole title to the larger portion but your smaller portion will remain in both owners. You might consider asking the other joint owner to transfer all their interest in the smaller portion to you so that property will be your own sole property. The attorney can advise you.
Yes, you can but you will need the assistance of an attorney who specializes in real estate law. Deeds should always be drafted by a professional. Errors made by non-professionals can be costly to correct if they can be corrected at all especially in your case where some portion of the land will be retained by you.
The portion you want to reserve must be clearly described and designated as an exception and reservation in your deed of your interest to the other joint owner. That way, the other joint owner will acquire sole title to the larger portion but your smaller portion will remain in both owners. You might consider asking the other joint owner to transfer all their interest in the smaller portion to you so that property will be your own sole property. The attorney can advise you.
Yes, you can but you will need the assistance of an attorney who specializes in real estate law. Deeds should always be drafted by a professional. Errors made by non-professionals can be costly to correct if they can be corrected at all especially in your case where some portion of the land will be retained by you.
The portion you want to reserve must be clearly described and designated as an exception and reservation in your deed of your interest to the other joint owner. That way, the other joint owner will acquire sole title to the larger portion but your smaller portion will remain in both owners. You might consider asking the other joint owner to transfer all their interest in the smaller portion to you so that property will be your own sole property. The attorney can advise you.
Wiki User
∙ 11y ago
Wiki User
∙ 11y agoYes, you can but you will need the assistance of an attorney who specializes in real estate law. Deeds should always be drafted by a professional. Errors made by non-professionals can be costly to correct if they can be corrected at all especially in your case where some portion of the land will be retained by you.
The portion you want to reserve must be clearly described and designated as an exception and reservation in your deed of your interest to the other joint owner. That way, the other joint owner will acquire sole title to the larger portion but your smaller portion will remain in both owners. You might consider asking the other joint owner to transfer all their interest in the smaller portion to you so that property will be your own sole property. The attorney can advise you.
Add your answer:
Earn +20 pts
What percentage of the proceeds is due to the wife when a property is sold?
If the property is owned jointly, the wife is entitled to 50% of the proceeds.If the property is owned jointly, the wife is entitled to 50% of the proceeds.If the property is owned jointly, the wife is entitled to 50% of the proceeds.If the property is owned jointly, the wife is entitled to 50% of the proceeds.
What is jointly owned holiday property called?
timeshare
Can you leave property to someone in a will if you don't own all the property?
No, you cannot leave property to someone in a will if you do not own it. A will can only distribute assets that belong to the person creating the will at the time of their death.
Is the beneficiary of a will entitled to a share of the decedent's jointly-owned property?
It depends on what the will states. If the will states that you are the sole beneficiary of all of the decedent's property, you will receive whatever share the decedent owned of the jointly-owned property. The decedent's share of the property will become your share. If there are other beneficiaries and the division of ownership is not specified in the will, the decedent's share of the jointly-owned property will be divided equally amongst the beneficiaries. If the will states a specific division amongst beneficiaries (e.g. 1/2 interest to John Doe, 1/4 interest to Jane Doe and 1/4 interest to Bob Doe), then the decedent's share of the jointly owned property will be divided amongst the beneficiaries accordingly. But, the quick answer to your question is that just because someone else who is still alive has a share of the decedent's property doesn't mean that the entire property reverts to that alive shareholder. The decedent's interest in the property will go to his or her heirs in the same proportion that the decedent owned the property when he or she was alive.
Can I refinance a jointly owned home without the consent or signature of the other person who jointly owns the property and is also on the deed?
You can only encumber your own interest in the property. You cannot affect the co-tenant's interest in the property without their consent.
What if you destroy property during the marriage?
If it is marital property it is jointly owned and either party can do with it what they like. If it was separate property you are liable for the damages.
Why would a spouse be considered a secondary owner of real estate property?
Either because they jointly participated in the purchase or jointly obtained a loan on the home, or because the home is located in a community property state.
Investment Property?
form_title=Investment Property form_header=Now is a great time to invest in property. Get help evaluating prospective opportunities from investment experts. What type of property are you interested in investing in?*= _[50] Do you have the available funds to invest in property?*= () Yes () No Are you planning on applying for a mortgage or business loan?*= () Yes () No Do you have any other investment properties?*= () Yes () No Will you be investing in property individually or jointly?*= () Individually () Jointly
Can the IRS seize a jointly owned vehicle?
Yes, the IRS can seize a jointly owned vehicle if one of the co-owners owes taxes. They have the authority to enforce tax collection by levying assets, including jointly owned property.
In Illinois can joint tenants who are also heirs intestate be required to sell the jointly owned property to pay the debts of the deceased?
Generally, jointly held property passes automatically to the surviving joint owner. It does not become a probate asset so it is not exposed to creditors. However, the situation changes if the creditor attached the property prior to the death of the debtor. Creditors can attach jointly held property while the debtor is living but if a creditor fails to attach prior to the death of the debtor then the property passes to the surviving joint tenant and the creditor is out of luck.
Can a property lien be placed on jointly owned property in PA?
Yes, but it will only affect the half interest of the co-owner named in the judgment.
Can a judgment creditor foreclose on property jointly owned if only one person was named on the judgment?
No
