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主頁 > 理財文章 > 地產投資 > 有關JOINT TENANCY轉為TIC的問題  

有關JOINT TENANCY轉為TIC的問題

 

Q.

 

My parents own a house with a close relative couple. The current vesting is Joint Tenancy so there's no designation of percentage of ownership. My parents want to change the vesting to Tenancy-In-Common so each person owns 25% or 50% for each couple. We've asked them to agree to the change but they have not responded and are not willing to sign any documentation. I am under the impression that their signatures are required for the title change. Is that correct? If we absolutely can not obtain their signatures, is there another to change the vesting type to TIC?

 

If the previous scenario is not doable, my parents would like to transfer their part of the ownership to my brother and I. Can my parents do that without the relative couple's signatures? I consulted with a title company and they told me all 4 parties have to sign in order to remove my parents' name off the deed.  Can you confirm this for me?

 

A.

 

Your parents alone can force the change from JT to TIC. Anytime any joint tenant records a change in their ownership the JT is broken and it automatically becomes TIC. So your parents can record a new grant deed or quit claim deed changing their ownership from JT to 50% TIC. The other joint tenants’ signatures are not required (your parents do not even have to let them know). Once this is recorded, the property is owned as TIC with 50% each.

 

Likewise, if your parents change ownership to you then it immediately becomes TIC.

 

Although technically it can be accomplished, you need to consider the relationship aspects. You guys are close relatives and should try to maintain a good relationship as much as possible. So if possible your parents should convince the other couple of the wisdom of changing into TIC. The main benefit is each couple would then be able to name their own beneficiaries (e.g. children).