Posted on: 27th Sep, 2010 09:06 am
My husband and I moved because of a job transfer, we could not sell our house without taking a huge hit in the bank account. So we found a guy who finds renters and he pretty much takes over the home and makes the mortgage payments and all the financials. We had to do a warranty deed to this man but the mortgage is still in our name which we were fine with as long as the monthly payments are being made. But, now the "renters" would like to buy the home, can i sell the home or does the "landlord" who holds the deed have to be the seller? And how do i get my mortgage paid in full if they do buy the home?
hi terijean!
welcome to forums!
as the property is in the name of the someone else, that person has to be the seller of the property. the "landlord" will have to sign a quit claim deed and transfer your share of the property to your renters. you will have to ask the new buyers of your property to assume the mortgage. this will release your liability toward the mortgage.
feel free to ask if you've further queries.
sussane
welcome to forums!
as the property is in the name of the someone else, that person has to be the seller of the property. the "landlord" will have to sign a quit claim deed and transfer your share of the property to your renters. you will have to ask the new buyers of your property to assume the mortgage. this will release your liability toward the mortgage.
feel free to ask if you've further queries.
sussane