Posted on: 25th Oct, 2010 07:07 pm
i owned a condominium unit in las vegas. due to the current financial situation, i need to rent the unit out to help pay for my son's college tuition. i'm moving to another state to work. however, the association forbids any units for rental use unless one of the owner lived in the unit. the only way to get it to work is to add the renter on the title. my question is which title i should take with the renter? (tenancy in common etc) should i use quit claim deed when they moved out of the unit? your help is greatly appreciated.
thank you
jess
thank you
jess
Hi Jess!
Welcome to forums!
If you add the renter to the property, then the renter will become one of the owners of the property. If you're comfortable with the fact, then you can go for joint tenancy with right of survivorship. This means that in case one of the owner is deceased, the other owner will automatically become the sole owner of the property.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If you add the renter to the property, then the renter will become one of the owners of the property. If you're comfortable with the fact, then you can go for joint tenancy with right of survivorship. This means that in case one of the owner is deceased, the other owner will automatically become the sole owner of the property.
Feel free to ask if you've further queries.
Sussane
Thank You for the feedback. I'm ok to add the renter as part of the owner. I just wants to make sure there will be no problem when it come the time to remove the renter from the title. Perhaps I can use quit claim or have them to sell me their share. I planned to add them as .01% owner. So the value is not much money anyway. What do you think?
Hi VegasJess,
The renter has to sign the quitclaim deed in your name when you want to remove him from the property deed. If the renter disagrees to do that, then you can do hardly anything.
Thanks
The renter has to sign the quitclaim deed in your name when you want to remove him from the property deed. If the renter disagrees to do that, then you can do hardly anything.
Thanks
I think joint of tenant is for husband and wife, so maybe I'll use tenants in common with .01% interest to tenant and at the same time, have the tenant to sign a quit claim deed. When it is time for tenant to move out, I can just record the quit claim deed. Is this a better way to do it?
Thanks in advance. Your help is greatly appreciated.
Jess
Thanks in advance. Your help is greatly appreciated.
Jess
Hi Guest,
You will have to make sure that the tenant signs the quitclaim deed when the time comes. If the tenant does not sign the deed, you won't be able to become the sole owner of the property.
You will have to make sure that the tenant signs the quitclaim deed when the time comes. If the tenant does not sign the deed, you won't be able to become the sole owner of the property.