Posted on: 06th Oct, 2009 09:11 am
Hi,
My name is Kecia and I have a question, my partner and I brought a house with both of our names are on the deed, but my name is listed as only in the financial part. We are now separating, can he buy me out. And is it easy?
My name is Kecia and I have a question, my partner and I brought a house with both of our names are on the deed, but my name is listed as only in the financial part. We are now separating, can he buy me out. And is it easy?
Welcome Kecia,
I did not understand what you wanted to say by "my name is listed as only in the financial part" Did you want to mean that your name is listed in the mortgage docs? If your name is listed in the mortgage docs as a co-borrower, then your partner has to refinance the loan in his name to remove you from the mortgage deed.
If your name is on the property deed only, then he would be able to you buy you out and you can transfer the property to him through a quitclaim deed.
I did not understand what you wanted to say by "my name is listed as only in the financial part" Did you want to mean that your name is listed in the mortgage docs? If your name is listed in the mortgage docs as a co-borrower, then your partner has to refinance the loan in his name to remove you from the mortgage deed.
If your name is on the property deed only, then he would be able to you buy you out and you can transfer the property to him through a quitclaim deed.
I am sorry for the confusion. Both of our names are on the deed, bu Iam responsible for the mortgage. We are no longer together. Can he refinance and buy me out?
Your partner can definitely refinance the loan and buy you out provided he has the required credit score and income. However, you will have to transfer the property to your partner first and then he can go ahead with the refinance.