How do i delete the one name on a title owned by three?
by 
rominaoblack
ANSWERS: 1
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The easiest means of "deleting" the name of one owner in a multiple owner setting is to have that individual execute a conveyance document, usually a "Quit Claim Deed." However, if the real property is actually owned by the three individuals operating as a partnership, a conveyance of the partnership interest or some portion thereof will be necessary instead. Be cautious as to the new tenancy to be created. If the new estate to be created (i.e. Tenants in Common versus Joint Tenants (with right of survivorship)) is the same as the old one, the document of conveyance should so state. Finally, some thought ought to be given to tax consequences. If the concurrent estate is between a parent and his two children and the parent's name is being "deleted," perhaps one should wait, as the children in this instance would receive the carryover basis in the property, instead of a step-up to date of death value if the parent were to die.
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