Posted on: 12th Feb, 2008 03:59 pm
My partner and I bought a hosue to flip, she can no longer contribute to the property and I want to take full ownership, we are both on the mortgage, deed etc. I plan to reimburse her for what she has put into the project so far and compensate her for time and other such minor details. What sould we do?
hi phishphan,
welcome to the forum.
as both of you are on the mortgage and on the deed, you should first in form your lender about this. then ask your partner to quitclaim and pay her for her share of equity.
if she quitclaims to you, you will have the ownership and then you refinance the mortgage on your name.
feel free to ask if you have any further questions.
best of luck,
larry
welcome to the forum.
as both of you are on the mortgage and on the deed, you should first in form your lender about this. then ask your partner to quitclaim and pay her for her share of equity.
if she quitclaims to you, you will have the ownership and then you refinance the mortgage on your name.
feel free to ask if you have any further questions.
best of luck,
larry
Talk to the lender first. Otherwise, she can "sell" you the property with you giving her reimbursement, and she gives you a warranty deed.
