Posted on: 18th May, 2011 07:35 pm
I have been made aware of a condo in the complex a friend of mine lives in. It has a sale agreement in affect but anyone in the complx has the option of "First right of refusal" on the condo and said she would put her name on the purchase with me and then pull out after the sale is made. I want to buy in on my own. How soon after the sale can she be taken off the ownership and what are the ramificaions. Is this possible and is she able to do this easily?? I really want this condo at the price that has already been offered.
Help
Help
Hi Bear!
Welcome to forums!
After the sale of the property, you can contact the seller and ask her to immediately sign a quitclaim deed and transfer the property solely in your name. You won't have to wait for a longer period of time in order to do this. To be on the safer side, you can contact a real estate attorney and take his opinion in this matter.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
After the sale of the property, you can contact the seller and ask her to immediately sign a quitclaim deed and transfer the property solely in your name. You won't have to wait for a longer period of time in order to do this. To be on the safer side, you can contact a real estate attorney and take his opinion in this matter.
Feel free to ask if you've further queries.
Sussane
Bear, your friend would only be putting herself in jeopardy by doing as she claims she's willing to do.
In order for you to obtain a mortgage (assuming you'll need one) on this condo, both you and she would need to be joint applicants on that mortgage. Removing her from title doesn't take her liability on that mortgage away, and that's not a risk she ought to be taking.
I don't think the entire scheme is all that smart to begin with, frankly. What she's trying to do is skirt the whole issue of the right of first refusal - something that isn't kosher at all...but made more complicated by this arrangement you two have discussed.
In order for you to obtain a mortgage (assuming you'll need one) on this condo, both you and she would need to be joint applicants on that mortgage. Removing her from title doesn't take her liability on that mortgage away, and that's not a risk she ought to be taking.
I don't think the entire scheme is all that smart to begin with, frankly. What she's trying to do is skirt the whole issue of the right of first refusal - something that isn't kosher at all...but made more complicated by this arrangement you two have discussed.
