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Once your Conveyancing Lawyer is satisfied the title is in order, they will then prepare a Transfer Deed to transfer the property from sole name to joint names. All of the joint owners will be required to sign the document which records the transfer of title.

The register of title for the property will then have to be amended. However, no Land Registry fees or Stamp Duty Land Tax will be payable for this. It is also possible to convert a tenancy in common into a joint tenancy. This involves the preparation of a Declaration of Trust signed by the tenants in common.

Does Marriage Affect Tenants-in-common? TICs allow individuals to share the deed of a property regardless of their relationship status.

The county clerk will charge a recording fee of about $30 to $40, depending on the county. The fee should be paid by a cashier's check or money order. Once a Deed has been recorded by the county clerk, the clerk's office will return the Deed to the new owner.

The main problem with Tenants In Common is that the other tenant(s) can do whatever they want with their interest in the property. One of the co-owners could take out a loan on his/her interest in the property. Additionally, the T.C. interest owned by one owner is subject to that owner's creditors.

In Tenancy in Common, the ownership portion passes to the individual's estate at death. In Joint Tenancy, the title of the property passes to the surviving owner. Some states set Joint Tenancy as the default property ownership for married couples, while others use the Tenancy in Common model.

Joint Tenancy Has Some Disadvantages They include: Control Issues. Since every owner has a co-equal share of the asset, any decision must be mutual. You might not be able to sell or mortgage a home if your co-owner does not agree. Creditor Issues.

One benefit of buying a home with a tenants in common agreement is that it may make it easier for you to get a home. Dividing up the necessary deposits and payments while splitting the cost of maintaining the property can make it more cost effective than just buying property alone.

How to Transfer Texas Real Estate Find the most recent deed to the property. It is best to begin with a copy of the most recent deed to the property (the deed that transferred the property to the current grantor). ... Create a new deed. ... Sign and notarize the deed. ... File the documents in the county land records.