Posted on: 21st Mar, 2009 09:20 pm
Two years ago a friend and I bought a condo together in California. We are both using the property as our residence. He had bad credit and I acquired a mortgage without his name being on any of the paperwork. He did however request that his name be on the title. He has currently had a work reduction and can no longer afford his portion of the mortgage so I have decided to buy him out for his percentage. Since the mortgage is only in my name I don't believe I will need to process any paperwork but will a quitclaim document be sufficient to remove his name from the title/deed?
Hi Jesme,
If his name is only on the title, a quitclaim deed would be enough to remove it from the title. He is required to sign the deed as grantor quitclaiming his interest in the property to you as grantee. However, as only your name is on the mortgage you do not need to file any paperwork or inform the lender about this transfer.
If his name is only on the title, a quitclaim deed would be enough to remove it from the title. He is required to sign the deed as grantor quitclaiming his interest in the property to you as grantee. However, as only your name is on the mortgage you do not need to file any paperwork or inform the lender about this transfer.