Re: Tenant in Common - Posted by William L Exeter
Posted by William L Exeter on June 05, 2005 at 21:27:49:
Yes, you will need to record either a quit claim deed or a grant deed. You should consult with the closing officer handling the closing of the refinance transaction to see how they want it handled so there will not be any problems during the refinance. They may record the deed for you just prior to closing, or they may want it handled outside of closing prior to the refinance transaction.
The payoff and full satisfaction and full reconveyance (lien release) of the existing mortgage will release you from the lien. I would ask for a copy of the recorded lien release for your records to prove that it has been satisfied and that you are no longer responsible for the debt.
How have you been treating the property? Is it a 2nd home, vacation home or other personal use? If so, then a 1031 tax deferred exchange will not apply. If it has been held as investment property, then you could structure the sale of your TIC interest as a 1031 exchange transaction.
Let me know if you have any further questions.