Real Estate Law
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Please explain what kind of partnership you want regarding ownership of the property, and exactly how does the deed read. There would be two kinds in your situation: 1) joint tenants with right of survivorship; 2) tenants-in-common.
There is no "default" position in deeds. Whose names are ***** ***** deed now? What do you think that means, and what do you want the deed to say regarding the intended ownership. How is the 90-10 supposed to be reflected, if it is?
I'm sorry it took so long to respond. I sent a response, that got lost in cyberspace. I am still not clear about what you are trying to accomplish. Why do you feel that it is necessary to change the deed language simply because one of the joint tenants will be contributing more than 50% of the purchase price? What is changing the deed supposed to accomplish for the title holders? Generally, if you intend to change the percentage of ownership, then you must convert it from JTWROS to Tenants in Common with a new deed. Is that what you have in mind?
Thanks. In that case, going back to your original question which was:
I would like to know if a deed is a joint tenantship category based on default Maryland law between father and son, and then in course of time, son pays 90% of downpayment and 10% by dad, what paperwork is now needed to change the deed to this kind of partnership. Thanks
The answer is that a new Quitclaim deed signed by both father and son is necessary. The granting clause would read like: ***** ***** and ***** ***** convey and quit claim to: ***** ***** a 90% interest and ***** ***** a 10% interest as tenants in common etc.… Make sense?
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