Hello - I'd like to change ownership structure for a property (my first deal) from Joint Tenancy to Tenancy in Common. Same owners.
Looks like I'll have to do the following. Is this correct?
- Grant Deed: Fill out, notarize, definitely file with County Recorder
- Tenancy in Common Agreement: Fill out, notarize, maybe file with County Recorder
It seems like I can fill most of this out on my own, but I sure could use an experienced second set of eyes.
Who would be the appropriate person that could review these documents before I file them? Any recommendations? For context, this is for San Bernadino County, California.
@Minh Le has done this in the San Jose market if I recall correctly. Does Jenny's approach sound correct to you?
I used to review hundreds, if not thousands, of deeds and have seen all kinds so I don't even know which way is the right way to do it.
In your case, all you need to do is file a Grant Deed, where you're deeding it from A and B as joint tenants to A and B as tenants in common with XX% undivided interest. I'm not sure why you have to file a Tenancy in Common Agreement. Also, I have never seen anyone filed a TIC Agreement, but that doesn't mean it doesn't exist.
Note: Even though there is no change in ownership, there is a possibility that the property may get re-assessed to the current fair market value. If you bought them cheap, it might be costly.
I have also seen other did a Correction Deed from JT to TIC. Whether or not your title insurance policy would become invalid the moment you changed it from JT to TIC is another issue.
Unfortunately, I don't even know which way is the right way of doing it. Please consult an attorney because your escrow officer will not give you any advice.
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