I own a property with two other people. We are listed as tenants in common on the grant deed. One person would like his name removed from the grant deed, though all three of us would remain on the mortgage.
The current grant deed states that Seller grants to A, B an C as tenants in common the propertly located at: ___________ .
We would like to record a new grant deed which states that A grants his interest in the property to B and C as tenants in common the property located at: _________ .
If a new grant deed is recorded are transfer taxes due? In my area it's quite expensive-- the city tax alone is $15 per $1,000 of property value.
I've heard conflicting information from the county in which the new deed will be recorded as well as from "A" who consulted with an attorney.
Thank you very much for any help on this.