Agent

Co-owner seeks best buy-out arrangement

Preparing for a partner's death

DEAR BOB: Is it possible to add someone to the title to a property but not to the mortgage loan obligation? If so, after that buyer dies, does the surviving owner get to buy out the deceased's share of the property? --Paula T. DEAR PAULA: From the tone of your letter, it sounds like you want to sell someone an interest in your property. Yes, that can be done without their taking on the mortgage payment obligation. Purchase Bob Bruss reports online. However, when a co-owner dies, his or her share of the property is usually left to an heir named in his or her will. Other than holding title as joint tenants with right of survivorship, there is no titleholding method allowing the surviving co-owner to buy out the deceased's share of the property. If you want a special buy-out agreement upon the death of a co-owner, the best way to accomplish that is with a partnership agreement. You can include just about anything you and the other owner want in the partnership contract. For...