The title on my real estate property is recorded incorrectly. How can I change this without tax implications?

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The title on my real estate property is recorded incorrectly. How can I change this without tax implications?

I own a residential property with my brother & his wife @ 50% interest them and 50% interest me. The property was incorrectly recorded by the mortgage bank as 1/3, 1/3, 1/3. We have paid all expences and taxes at 50% equally on this property. We are now going to sell the property and need to get this corrected. How can we correct this and record the property at 50% them and 50% me without tax implications?implication?

Asked on May 20, 2009 under Real Estate Law, California

Answers:

B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney

Answered 14 years ago | Contributor

You should talk to a real estate lawyer about a corrective deed.  It shouldn't be difficult, as there are mistakes made in deeds from time to time.  You might need to clear this with the mortgage bank, but your attorney can go over this with you after he or she reviews the documents.  One place to find a qualified lawyer is our website, http://attorneypages.com


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