Posted on: 24th Aug, 2011 10:45 am
Three friends buy a condo to use as a vacation property.
One freind doesn't want to own anymore and wants to be bought out.
We paid him 50,000 for his share.
How do we get his name of the title or deed and will this trigger and tax payments and to whom.
One freind doesn't want to own anymore and wants to be bought out.
We paid him 50,000 for his share.
How do we get his name of the title or deed and will this trigger and tax payments and to whom.
Welcome threegibbers,
You and the other friend will have to ask the third friend to sign a quitclaim deed and transfer the property to both of you. Property transfer may lead to certain tax payments which you won't be able to avoid.
You and the other friend will have to ask the third friend to sign a quitclaim deed and transfer the property to both of you. Property transfer may lead to certain tax payments which you won't be able to avoid.