Legal Question in Real Estate Law in Georgia
Partial transfer of property (condo)
My wife owns a condo (she bought it before we were married), which only allows 20% of the units to be rented out at any time. Thus, we cannot rent her unit out currently. However, we have my wife's best friend renting from us in the unit, even though it is not allowed. However, we would like to be able to document that her friend is part owner (we would be willing to make her part owner, insuring she is not on the mortgage), to insure we never have a problem we the association and that way we could even bring in another tenant. Is ther a way to make her friend part owner (at least on paper).
1 Answer from Attorneys
Re: Partial transfer of property (condo)
Your wife would need to deed the property to herself, you (if desired) and her best friend. Your wife would still be on the hook for the mortgage, but the 2 or 3 of you would legally own the property.
If you would like to discuss any issues further, please feel free to contact my office. My contact information is below. Thank you.
The foregoing is general information only, not specific legal advice. No attorney/client relation has been created or should be implied.
Glenn M. Lyon, Esq
MacGregor Lyon, LLC
Promenade II
1230 Peachtree Street NE
Suite 1900
Atlanta Georgia 30309
Phone 404.942.3545
Fax 404.795.0993
www.macgregorlyon.com
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