Posted on: 04th Nov, 2010 07:18 pm
If two unmarried people are on a mortgage; one wanting to keep the house and the other having no interest in having the property; as long as we are both on the mortgage, with a quitclaim are both parties still entitled to equity in the event the house is sold to a third party?
Hi Guest,
Welcome to mortgage fit,
It is true that both the parties will be entitled to equity if the house is sold to third party and later on they have to divide the amount between them as per the % share mentioned in the deed.
Even if one of the person is not interested to keep the property since he/she is on the deed means he/she is liable to receive the proceedings of the sale of the home.
If one of them want to keep the property he/she can buy the equity in the house paying him prevalent property rate in that area.or else s/he can also go for an agreement y which equity will be awarded at different interval as cash is received/accumulated through monthly payments.
Feel free to ask any further query if you have............
DIPA
Welcome to mortgage fit,
It is true that both the parties will be entitled to equity if the house is sold to third party and later on they have to divide the amount between them as per the % share mentioned in the deed.
Even if one of the person is not interested to keep the property since he/she is on the deed means he/she is liable to receive the proceedings of the sale of the home.
If one of them want to keep the property he/she can buy the equity in the house paying him prevalent property rate in that area.or else s/he can also go for an agreement y which equity will be awarded at different interval as cash is received/accumulated through monthly payments.
Feel free to ask any further query if you have............
DIPA