Legal Question in Real Estate Law in California
Currently i own a property and I am a 25% partner, another person is a 25% partner and than we have a 50% partner. I am selling my 25% share to the 50% partner and than he will have 75%. Do all 3 of us need to sign the quick claim deed or just the 2 partners that are doing the transaction,. The other 25% partner rmeains the same.
1 Answer from Attorneys
In fact, you, the "grantor," is the only one who needs to sign the deed. It should be signed before a notary, and then delivered to and accepted by the "grantee," who should then have the deed recorded.
(I put grantor and grantee in quotes, because technically with a quitclaim, not being a grant deed, there is no grant, but these are the terms used in customary lingo.)
Before doing this transaction, you should give some thought to side issues such as whether the transfer is to conceal an asset from a creditor and hence potentially fraudulent, whether there is any loan outstanding with a "due on sale" clause or the like, whether this will have any unexpected tax consequences for any party (including the likely reappraisal of the interest transferred), and whether the transaction violates any prior agreement between the co-owners.