From: "The Rainmaker" 
Newsgroups: alt.realestate.fsob misc.invest.real-estate misc.legal
Subject: Re: Tax implication?
Date: Sun, 18 Jan 2004 08:44:24 -0800


"Egg"  wrote in message
news:eZxDb.3111$G9.423@nwrddc01.gnilink.net...
>
> Here is my situation. On the title deed of the property, owner A(original
> owner) brought Joe into the title as join ownership. Reason to bring Joe
> into the title was if something were to happen to owner A, the property
> would go to Joe. Joe didn't have to put out any money to get on the title.
> The mortgage loan is only under owner A's name and owner A is solely
> responsible for making the payments.
>
> Now owner A wants to remove Joe's name out from the title. What is the
best
> way of doing this so what both parties are not liable for taxes as there
is
> no gain or loss on either side. One other note is that during the time
when
> Owner A brought Joe into the title, no "conveyance" was mentioned. With no
> "conveyance" mentioned, does it automatically mean that Joe doesn't own
any
> share on the property or Joe is a rightfully half owner? I'm a little
> confuse on what to do to remove Joe's name safely without imposing taxes
on
> either side.
>
>
> Thanks
>
Deeding a portion of the title to the property does not make Joe a "joint"
owner; joint tenancy has to be establish at original purchase.  "A" can add
Joe as a tenant-in-common, as to an undivided specified percentage of
ownership, but that does not convey title to Joe upon "A"'s death; "A"'s
share will still be probated as part of his/her estate.

What ever means you used to get Joe onto the title will, most likely be the
same means of removing Joe.  Any title/escrow/closing agent can prepare and
record the necessary documents.  Of course, Joe has to agree!