17 Mar How can I transfer ownership of this house to my sibling?
Q. I was put on my father’s title as 50% ownership with my sister who lives in the house along with my father. I want to give my sister my 50% so she has full ownership. What do I do?
A. You can use something called a quit claim deed to transfer the ownership to your sister.
A quit claim deed transfers the grantor’s interest in real property to someone else without making any promises or warranties about that interest, said Shirley Whitenack, an estate planning attorney with Schenck, Price, Smith & King in Florham Park.
If you sign a quit claim deed, your sister would own 100% of the property, she said.
“Quit claim deeds transfer a person’s rights in a property but they do not transfer obligations for any liabilities, such as mortgage debts or tax liens that were attached to the property before the quitclaim deed was filed,” she said.
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This story was originally published on March 17, 2020.
NJMoneyHelp.com presents certain general financial planning principles and advice, but should never be viewed as a substitute for obtaining advice from a personal professional advisor who understands your unique individual circumstances.