Posted on: 31st Aug, 2010 02:36 pm
Hi, I'm new and posted this in the wrong forum.
I was wondering if someone could advise me.
My partner and I are buying a condo; the mortgage will be in my name, the deed will be in both our names.
I am wondering what would happen if we were to break up (I'm pragmatic). Could I just sell the house because the mortgage is in my name? Could he refuse to move out?
can someone shed some light...
Thanks!
PS- I guess what I"m asking is, how do I get the other person off the deed if it comes down to it.
I was wondering if someone could advise me.
My partner and I are buying a condo; the mortgage will be in my name, the deed will be in both our names.
I am wondering what would happen if we were to break up (I'm pragmatic). Could I just sell the house because the mortgage is in my name? Could he refuse to move out?
can someone shed some light...
Thanks!
PS- I guess what I"m asking is, how do I get the other person off the deed if it comes down to it.
Welcome worshipkats,
You will be the one solely responsible for the mortgage payments as the loan will be in your name. However, both of you will be the owner of the property as your names would be mentioned in the property deed. If you break up, then you won't be able to sell the property without your partner's permission. As he is one of the owners of the property, he might refuse to move out.
If you want to remove the person from the deed, then you'll have to ask him to sign a quit claim deed in your favor.
You will be the one solely responsible for the mortgage payments as the loan will be in your name. However, both of you will be the owner of the property as your names would be mentioned in the property deed. If you break up, then you won't be able to sell the property without your partner's permission. As he is one of the owners of the property, he might refuse to move out.
If you want to remove the person from the deed, then you'll have to ask him to sign a quit claim deed in your favor.