A couple I know bought a house togeter, the relationship did not work out and now they need to sell. The asking price needs to be lowered and one party is refusing to cooperate with the realtor and lower it. ( he wants to hold onto it because he thinks they can get back together - Not happening !) The person who wants to sell is living in the home and also has put much more money into it. She has already hired a lawyer who really didn't accomplish anything. I guess I am just trying to see if anyone has any ideas or knows any legal loopholes which could help her. She is the one who originally bought the home and his name was quick deeded 6 months ago. She has been paying the mortgage the entire time and has no help financially from him at all. She just wants to sell, give him the money he put into it and then just get on with their lives. Hoping for a Christmas miracle here ? Thanks for your time and Happy Holidays to all !
2006-12-17 01:52:52 · 6 answers · asked by ♥ Zoey ♥ 7 in Politics & Government ➔ Law & Ethics
Either person can file a lawsuit for partition. The judge will order the property sold and the equity, if any, split between the legal owners.
This will take about 3-4 years, and about $20, 000 from start to finish of the process.
A better option would be for her to offer to buy him out of his half of the equity, or to offer to sell him her half, in exchange for the signing of a quit claim deed.
2006-12-17 05:45:47 · answer #1 · answered by Mama Pastafarian 7 · 0⤊ 0⤋
The deed controls. There is no basis for filing a legal separation because they are not legally married. Forget the relationship - good or bad, the deed must have both signatures to sell if they are both owners. Its more like a business investment not a marriage. She could offer a contract and promissory note to pay him his due plus part of the equity gain, pay in payments or total, and then even after she sells the house, he still has a means to collect against her if she doesn't pay up. This gives him assurance of getting his money, and she gets the house now -can sell it now -and move on.
2006-12-17 08:47:20 · answer #2 · answered by alaskasourdoughman 3 · 0⤊ 0⤋
He's using her financial obligation in the house to hold her hostage in an unwanted relationship. It's a control issue, period.
Her option is to refinance on her own and pay him his money for him to quit claim deed it back to her. She could get an interset only loan to "float the mortgage" until it does sell.
Also, she could look for another realtor who would reduce his commission! From 7% to 5% ---That takes $ off the top so she can lower the sales price and stll get OUT.
This bf has no incentive to give up his power over the house so she'll need to work hard to get him to let go. Make the lawyer understand this! Or this guy will be holding out on HER DIME for as long as it takes.
2006-12-17 02:06:05 · answer #3 · answered by upside down 4 · 0⤊ 1⤋
If he is recorded as a joint owner on the deed, he must agree to the sale. There is no way around that. And if she is the only person on the mortgage, she is stuck with paying that. If they are both on the mortgage, she should contact the mortgage company and tell them that he is no longer paying any part, and she can only afford half. As the mortgagees, they could force a sale of the property.
2006-12-17 02:20:18 · answer #4 · answered by Anonymous · 0⤊ 0⤋
This just goes to show why unmarried people shouldn't buy a house together. Laws and other mechanisms are made to deal with legal relationships, not two people playing house.
2006-12-17 02:30:10 · answer #5 · answered by The Scorpion 6 · 0⤊ 0⤋
They can file a order in probate court, to buy out the other persons interest. Hope this helps !
2006-12-17 01:58:36 · answer #6 · answered by Anonymous · 0⤊ 1⤋