Posted on: 22nd Jun, 2011 09:32 am
In AZ. Two distant family member owners (from different States) on a Property in AZ.
One is held as Joint Tenants w/ Right of Survivorship. The other is held as Tenants in Common. Believe it was origninally held by both as JT w/ ROS, but was changed by one when they found out they would not be able to Will their half to whomever they wanted under JT w/ ROS.
The one as Tenants in Common, now elderly and very ill, will now be removing their name from the Mortgage and doing a Quit Claim to the remaining owner.
Does this satisfy absolutely everything that needs to be done to release them completely from the property and to give it completely to the remaining owner?
One is held as Joint Tenants w/ Right of Survivorship. The other is held as Tenants in Common. Believe it was origninally held by both as JT w/ ROS, but was changed by one when they found out they would not be able to Will their half to whomever they wanted under JT w/ ROS.
The one as Tenants in Common, now elderly and very ill, will now be removing their name from the Mortgage and doing a Quit Claim to the remaining owner.
Does this satisfy absolutely everything that needs to be done to release them completely from the property and to give it completely to the remaining owner?
It would appear that this would be the case, but I advise that you contact an attorney in the area to assure yourself (yourselves) of this. Without legal advice, this could easily turn into a formula for failure.
also, you should note that if there is a mortgage against the property, the party who wants to exit ownership of the property would have to get off the loan as well as title. you can quitclaim a person on or off title, but on the loan you would have to sell or refinance to remove a party.
