Posted on: 20th Apr, 2010 12:55 pm
Currently, I own a property with an ex-partner. My name is on the loan & both of our names are on the deed.
We have since dissolved our partnership & I am now trying to purchase the property. We agreed that I would purchase the property & I have documentation of this in writing. We started off by getting comps by our respective realtors. Naturally, his comps came up higher. Then, I requested that we get an appraisal. When he did not agree, I got my own independent appraisal. My bank (Wells-Fargo) also had an appraisal done. Both appraisals came out $10,000 apart, & the same as the comps from my realtor. I got an attorney to send a letter to my ex-partner with my proposal to purchase. He then responded that he would now like to purchase the property. I also have a document signed by both of us from another attorney that indicates I can not change the locks until such time as "I" become the owner.
Question: Since I am on the loan, do I have any additional rights to the property?
We have since dissolved our partnership & I am now trying to purchase the property. We agreed that I would purchase the property & I have documentation of this in writing. We started off by getting comps by our respective realtors. Naturally, his comps came up higher. Then, I requested that we get an appraisal. When he did not agree, I got my own independent appraisal. My bank (Wells-Fargo) also had an appraisal done. Both appraisals came out $10,000 apart, & the same as the comps from my realtor. I got an attorney to send a letter to my ex-partner with my proposal to purchase. He then responded that he would now like to purchase the property. I also have a document signed by both of us from another attorney that indicates I can not change the locks until such time as "I" become the owner.
Question: Since I am on the loan, do I have any additional rights to the property?
Hi Tobe,
You do not have any additional rights to the property even though you are on the loan. Being on the loan and being on the property deed are completely two different things. Being on the property deed does not make you liable for the loan. Similarly being on the loan does not entitle you to any rights to the property.
You do not have any additional rights to the property even though you are on the loan. Being on the loan and being on the property deed are completely two different things. Being on the property deed does not make you liable for the loan. Similarly being on the loan does not entitle you to any rights to the property.