General Area in Hilo>Question Details

gwennie45, Home Owner in Hilo, HI

If there are 4 owners of a property, can 3 of the owners just transfer their interest (through an attorney) to the 4th person?

Asked by gwennie45, Hilo, HI Mon Jul 4, 2011

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In theory, you can transfer any ownership interest in property to anyone else. In reality, it is often not that simple. If there is a loan on the property, an owner cannot transfer their obligation under to loan to someone else without the agreement of the lender. That often means that the one who ends up as owner must refinance to pay off the loan and get it into just his/her name. If there is equity in the property, that may be possible. If the property is “underwater” you will have a problem.
From the information we have about your situation, an answer that will have value to you is not possible. You need to sit down with a local real estate professional, whether Realtor or attorney, with all of the facts in order for the expert to review your situation and try to help you.
1 vote Thank Flag Link Mon Jul 4, 2011
Sure.....unless it is encumbered some other way by deed restrictions, mortgages etc.
Need more help, Call our Principle Broker, Debi Au, "Realtor of the Year on the Big Island" and she will
help you through the process and make sure you are in the right hands......debi@macarthurhawaii.com
Aloha
1 vote Thank Flag Link Mon Jul 4, 2011
I'm not a lawyer, so this isn't legal advice. For that you need a lawyer. However . . .

Yes. It's generally a very simple process. The lawyer may use a quit claim deed. Or perhaps something more sophisticated. Still, it's quick and easy. But make sure a lawyer handles it for you.

Hope that helps.
1 vote Thank Flag Link Mon Jul 4, 2011
Don Tepper, Real Estate Pro in Fairfax, VA
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Aloha Gwen... yes 3 of 4 owners can simply convey their interest to a 4th person if it is unencumbered by a lien - mortgage, tax lien, or any other cloud on title. How is title held - as individuals or in a trust? Is there an estate involved? A real estate attorney should draft the deed to be sure that all elements are included in the conveyance so that there are no issues later down the line. My suggestion would be to sit down with a local real estate agent or real estate attorney so that you can get clear concise answers to your questions. Best of luck to you! Warm aloha, Katie Minkus, R(B) Broker-in-Charge, Hawaii Life Real Estate Brokers.
0 votes Thank Flag Link Tue Jul 5, 2011
And, consult your accountant for any tax consequences this will have for you.
0 votes Thank Flag Link Mon Jul 4, 2011
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