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

Get Legal Help Today

 Secured with SHA-256 Encryption

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 12 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


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption