QUESTION
Do I need to notify or have the approval of partial owners on a property to transfer my share of ownership to another partial owner?
Asked on Aug 03rd, 2023 on Real Estate - Colorado
More details to this question:
I am one of four persons on a deed of a residential property which was transferred to the four of us using a Quitclaim Deed. We are all equal share holders at 25% each. I want to transfer my share to one of the other three which would give them 50% and keep the other two at 25%. Seeing as how their shares of the property ownership isn't changing do I need their (the other two) approval when I write up a new quitclaim and get notarization?
1 ANSWER
There is no legal requirement that you give advance notice to the other owners, although courtesy notice would be a good idea so that there is clarity among the owners going forward. Be sure to record the deed with the county clerk and recorder, so that there is public notice of the ownership change after the fact.
Answered on Aug 07th, 2023 at 9:43 AM