Can joint tenancy property be converted to individually owned property?
Any of the joint tenants can destroy or sever the joint tenancy nature of the ownership by mutually agreeing to do so or by convening the property to a third party. However, it is important to note that if there are only two joint tenants and one relinquishes their right, there may be gift tax implications. This pamphlet is published as a public service by the Colorado Bar Association. Its purpose is to inform citizens of their legal rights and obligations and to provide information regarding the legal profession and how it may best serve the community. Changes may have occurred in the law since the time of publication. Before relying on this information, consult an attorney about your individual case.
Related Questions
- Can a joint tenancy title be changed without permission of the other joint tenant, and is my mother entitled to all or half of the property?
- Should Spouses Always Take Title to Land in Joint Tenancy or Survivorship Marital Property?
- How is Community Property With Right of Survivorship Different From Joint Tenancy?
