Legal Question in Real Estate Law in Ohio
Quit Claim on Clear Property
My spouse owns a house jointly with 3 siblings, each owning 25%. My husband would like to give up his interest in this property. Will the remaining owners have to agree to allow him to do a quit claim deed? There is no mortgage or liens on the property. It has been paid off for nearly15 years.
1 Answer from Attorneys
Re: Quit Claim on Clear Property
Dear Inquirer: Of course you may quitclaim your fractional interest to your siblings, resulting in each of their interests increasing to one-third of the current value. This is a tax consequence to each of them, and a gift as to your tax status.
Contact an experienced Attorney to guide, advise, and prepare the QC Deed for you. Don't forget to have your spouse also endorse, by releasing all dower interests. Good luck.
Sincerely, J. Norman Stark
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