What is the name of your state? Maryland
I bought a townhouse jointly a couple of years back with my uncle, but my uncle is the only legal owner of the property. We did it that way because I was going through a messy divorce and did not wish to complicate matters by buying property in my name, yet, I did want to invest in the booming real estate market in this area.
I have since remarried and now wish to have legal ownership of the property with my wife. My uncle is willing to forego ownership and work with us as long as he doesn't suffer any losses. What is the best way to accomplish this ownership transfer with minimal to no losses on both sides, and possibly, even gains to one or both parties? The property has appreciated reasonably well in value.
I bought a townhouse jointly a couple of years back with my uncle, but my uncle is the only legal owner of the property. We did it that way because I was going through a messy divorce and did not wish to complicate matters by buying property in my name, yet, I did want to invest in the booming real estate market in this area.
I have since remarried and now wish to have legal ownership of the property with my wife. My uncle is willing to forego ownership and work with us as long as he doesn't suffer any losses. What is the best way to accomplish this ownership transfer with minimal to no losses on both sides, and possibly, even gains to one or both parties? The property has appreciated reasonably well in value.