Buying or Selling a Home/selling partial condo

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Expert: - 4/5/2011


Question
Hi - my brother and I co-own a condo in NYC that is currently being rented out.  He is moving to another country and no longer wants to keep his share.  He is selling it to me without any gain (he will breakeven).  What do we need to do to formalize this?

Answer
Hello ec,

Thank you for your question.

Is there a mortgage on the property?

You need to have a lawyer file a new deed romoving your brother from ownership.  If there is no mortgage it is simple.  If you are both on the mortgage you may need to refinance individually.

Good luck.
Hans  

Buying or Selling a Home

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Volunteer

Hans Weber, Licensed Broker Associate

Expertise

I am able to answer questions related to buying or selling residential real estate in New York. There are many questions buyers and sellers have about the process of buying or selling a home that they are afraid to ask or that might seem too simple to ask. For instance: in a house, why do some doors open in and some doors open out?

Experience

Licensed real estate agent in New York State in 1988.
Serving buyers and sellers as a full time occupation since 1988 with over 300 successful residential real estate transactions.

Organizations
National Association of Realtors.
Westchester County Board of Realtors.

Education/Credentials
Graduate of Pace University in 1988 majoring in business and minors in taxation and computer science.

Awards and Honors
Consistently one of top sales awarding winning agents for Coldwell Banker in Westchester County.

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