Legal Question in Real Estate Law in Pennsylvania

Re: Subject

To transfer title you both must execute a new deed and file it with the Recorder of Deeds of your local county. However, there may be a transfer tax that will have to be paid on the one half share unless you meet one of the exemptions. The transfer tax may be a least two percent of the fair market value of the one half share. A transfer between siblings, married couples, parent and child are exempt. If I can be of any assistence in preparation of the deed I will be happy to prepare it for you for a small fee. I would need a copy of the last deed with the recording information. Gerald Hershenson 215-579-9390

Re: Subject

If the other owner wants to transfer her/his interest to you, unless you are husband and wife and tenants by entireties, a deed from your co-owner to you, recorded in the county where the property is, will remove your co-owner from title.

If you are husband and wife and tenants by entireties, both of you will have to sign the deed transferring the interest to you alone.

Unless your relationship makes the transfer exempt, there will be a transfer tax of 3% or 4%, depending on the county where the property is located. Exempt relationships include husband and wife, parent and child, and grandparent and grandchild. The tax is based on the higher of the actual consideration (price for the transfer) or the fair market value, which may be based on the assessed value of the property.

You should be aware that if the co-owner has credit problems, creditors may attempt to reach the transferred interest to satisfy debts of the co-owner. Transfers of property at a time when there are debts and the transfer would make the person insolvent, or unable to pay the debts, are considered fraudulent transfers and may be reversed.

You should consult a local real estate attorney to assist you in sorting this out and to prepare the deed and other necessary documents needed to record the deed.