Edith: My business partner and I have shared ownership of a rental house since last September. My partner now wants to sell her share.
1. Does she need my consent to sell her share to someone else?
2. If I were going to buy her out, without hiring a lawyer, what kind of paperwork would we need? Would a quitclaim she signed be sufficient?
3. Is there any cost for transferring property ownership?
4. Also, while waiting to sell, she plans to let her brother use some parts of our house to store his things. Is there any recourse I can take to prevent him from using the house as his storage? Free advice please. -- Via e-mail
Answer: Remember Alan Sherman's song about free advice? "...costs nothing and it's -- worth the price!" But for what it is worth:
1. Your partner can sell her share without your consent. She just has to find someone willing to be a co-owner with you. She could also ask a court to force a public auction sale of the whole property.
2. Yes, a quitclaim deed signed by the partner would be enough to transfer her ownership. It must be in a form acceptable for the county's public records, though, including an adequate legal description and acknowledgement of her signature.
3. The state charges a transfer tax when property is sold, and there'd be a small fee to record the deed.
4. I think maybe I won't tackle the one about her brother storing his property in the house.