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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 sister.
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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 the properties.

Samuel J. Tamkin is a Chicago-based real estate attorney. Ilyce R. Glinkís 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 Ilyceís website www.thinkglink.com

 

 

 

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