Posted on: 17th Feb, 2009 03:19 am
spouses still own property together and trying to sell. However , one of the spouses wants to buy their own property
Hi Guest,
What I understand of the situation is that both the spouses are on the title of the house. They are trying to sell the property, while one of them wants to buy it. Right?
Well, this is very much possible. The one who wants to buy the house can simply buy out the other i.e. if you want to buy the house, pay your co-owner the money worth his/her share of interest in the home and get a quit claim deed signed by him/her.
What I understand of the situation is that both the spouses are on the title of the house. They are trying to sell the property, while one of them wants to buy it. Right?
Well, this is very much possible. The one who wants to buy the house can simply buy out the other i.e. if you want to buy the house, pay your co-owner the money worth his/her share of interest in the home and get a quit claim deed signed by him/her.
i think your statement was misconstrued above.
it appears to me that you two are selling, and one of you wishes to buy a new, different property. that should present no problems, as long as qualifications are met concerning income, assets, credit, etc.
is the question being posed because the purchase would be taking place prior to the sale of your marital home? if that's the case, then there might be cause for concern, as you would both be fully obligated to continue making payments on the marital home until such time as the home was sold.
it appears to me that you two are selling, and one of you wishes to buy a new, different property. that should present no problems, as long as qualifications are met concerning income, assets, credit, etc.
is the question being posed because the purchase would be taking place prior to the sale of your marital home? if that's the case, then there might be cause for concern, as you would both be fully obligated to continue making payments on the marital home until such time as the home was sold.
