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How does the joint owner of a property give up his share?

How does the joint owner of a property give up his share?

Q: Can a co-owner refuse to sign a deed transfer?

Yes, a co-owner can refuse to sign a deed transfer, which can complicate the process of removing them from ownership. If a co-owner does not agree to the transfer, you may need to explore legal options, such as a partition action, to resolve the matter. This type of action can be more costly and time-consuming.

Full question:

We have 66.7% ownership in a condominium. The 33.3% owner would like to be removed from all obligation. What is the most cost effective method to handle this transaction?

Category: Real Property
Subcategory: Deeds
Date: 04/07/2025
State: National

Answer:

Transfer of ownership in a joint tenancy may be most commonly accomplished through a deed transfer or a partition action may be brought in court. A private transfer of deed is typically less expensive than a court partition pro-deeding. Upon transferring a deed, there are costs, which vary by local area. Such costs, may include, among others, taxes and recording fees. I suggest calling the local recorders office for precise fees and applicable costs. It is possible that a condominium association agreement requires conditions or fees to be paid upon transfer as well.

This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.

FAQs

What is a deed transfer in a condominium?

A deed transfer in a condominium involves legally changing the ownership of a property from one person to another. This is done by executing a new deed that reflects the change in ownership. The new deed must be recorded with the local recorder's office to be effective. This process is often less costly than a court partition action, which can involve lengthy legal proceedings.

What are the costs associated with transferring a condominium deed?

Costs for transferring a condominium deed can vary by location and may include recording fees, transfer taxes, and possibly attorney fees. It's important to check with your local recorder's office for specific costs in your area. Additionally, your condominium association may have its own fees or requirements for ownership transfers.

Can a co-owner refuse to sign a deed transfer?

What is a court partition action?

A court partition action is a legal process used to divide property among co-owners. If co-owners cannot agree on the use or sale of the property, one or more owners can file a lawsuit to force a sale or division. This process can be lengthy and expensive, often making it a last resort compared to other methods like a deed transfer.

What should I check in my condominium association agreement before transferring ownership?

Before transferring ownership, review your condominium association agreement for any restrictions or requirements regarding ownership changes. Some associations may have specific rules about who can own units or may impose fees for processing ownership transfers. Understanding these conditions can help avoid complications during the transfer process.