Posted on: 25th Sep, 2010 11:59 am
I am looking for some guidance on a real estate situation. I own a home jointly (50/50) with another person. We are not married. I am being relocated by my employer, and need to either sell my home or negotiate a buyout agreement to get my name off the deed and mortgage. As of now, we have not been able to come to an agreement on our own.
What course of action can I take to document the fact that I want to sell or transfer this property? I am concerned that I will be moving out of state in 2 weeks and then will not have any visibility into what is going on in the house that I still own.
Thanks.
What course of action can I take to document the fact that I want to sell or transfer this property? I am concerned that I will be moving out of state in 2 weeks and then will not have any visibility into what is going on in the house that I still own.
Thanks.
Hi nikkimarie,
If you simply want to transfer the property, then you should sign a quit claim deed and give the property ownership to your partner. Thus, you won't remain liable for the property. However, if your name is mentioned on the mortgage of the property, then you need to ask your partner to refinance the loan.
If you simply want to transfer the property, then you should sign a quit claim deed and give the property ownership to your partner. Thus, you won't remain liable for the property. However, if your name is mentioned on the mortgage of the property, then you need to ask your partner to refinance the loan.