Transferring Deeds On Inherited Property
Ask the Real Estate Lawyer: Real Estate Law Q&A
REM #LAW 701
By Ilyce R. Glink and Samuel J. Tamkin
Summary: A reader and his sister have recently
inherited rental properties. Now they would like to divide the property between
the two of them. Ilyce and Sam give advice on how to divide up the property.
Q: When my father died, he deeded four rental properties to both me and my
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My sister's name and my name appear on each deed. We want to split the properties
up and put them under our individual names. What is the best way to transfer
deeds into an individual’s name when two people are listed on a deed?
A: If you and your sister inherited four properties, you need to have four
new deeds drafted. You and your sister will sign each of the deeds, but you
will be the grantee on two of the properties and your sister will be the grantee
on the other two.
In the end, you will own two properties and your sister two. Don’t forget
to hire an attorney to help you in drafting the deeds and in making sure that
they get recorded with any additional documentation that is required of you.
You may have transfer tax documents to file along with tax issues arising from
the transfer. You should also talk to your accountant about your plans to make
sure you don’t fall into any income tax traps through the transfer of
Samuel J. Tamkin is a Chicago-based real estate attorney. Ilyce
R. Glink’s latest book is 50 Simple Steps You Can Take To Sell Your
Home Faster and For More Money In Any Market. If you have questions for
them, write: Real Estate Matters Syndicate, PO Box 366, Glencoe, IL 60022
or contact them through Ilyce’s website www.thinkglink.com