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Irwin Law
Irwin Law, Lawyer
Category: Real Estate Law
Satisfied Customers: 6845
Experience:  Lawyer- Broker 30+years - foreclosure, short sale, liens, title attorney.
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I would like to know if a deed is a joint tenantship

Customer Question

Hi, 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
Submitted: 5 months ago.
Category: Real Estate Law
Expert:  Irwin Law replied 5 months ago.

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.

Customer: replied 5 months ago.
thanks, ***** ***** the default that is used in Maryland, which I think the title company mentioned to be joint tenants with right of survivorship for parent and kid situation in Maryland. at the time of purchase it was 50-50,however since kid paid 90% now, the partnership needs to be modified, and I would like to know how this can be done. thanks
Expert:  Irwin Law replied 5 months ago.

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?

Customer: replied 5 months ago.
OK, I think I was not clear. The deed at the moment says joint tenants with right of survivorship with 50-50 contribution. It is anticipated that in course of few months, kid may be able to pay 90% to total down-payment to parent, to make to 90% for him and 10% for the dad, I would like to know in that situation, what changes would be needed for the deed.
Expert:  Irwin Law replied 5 months ago.

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?

Customer: replied 4 months ago.
thanks.
Expert:  Irwin Law replied 4 months ago.

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?

Expert:  Irwin Law replied 4 months ago.

Hello again. Do you have a follow-up question? I am not an employee of Just Answer and I receive credit for assisting you based on your rating. Please enter a positive rating for my assistance here by clicking on 3, 4, or 5, for which there is no additional cost to you. Thanks again for using JUST ANSWER.

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