Transferring a partial interest in a piece of real estate is simple. However, there are several different ways to divide the interests in this property. Each method has different tax, estate, use, and division implications. Also, each has to be worded in a very specific way. For this reason, you should hire a local attorney to draft the documentation you require to transfer the property interests. Make sure you discuss the tax and usage implications with the attorney to ensure you make the right choice.
Also, you will likely have to refinance or get permission from the bank to make this transfer and add the other person to the note. Otherwise, any transfer you make will be subject to the mortgage but possibly will not obligate the other person on the loan (promissory note). There are several ways to accomplish what you wish to do, you simply need to discuss those options with your attorney.
Your legal fees for this will not be significant compared to the protections you will receive from having this done professionally.
Get a lawyer.
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