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Would a quit claim work? If I make all the payments now is he legally entitled to anything?

2007-02-08 09:08:40 · 5 answers · asked by anstiss 1 in Politics & Government Law & Ethics

5 answers

YOu really should consult an attorney. In most cases the filing of a quit claim deed does divest him of his interest HOWEVER, this will not remove him from the title. Each state has different processes for this situation and knowing your state would be helpful in pointing you to the right spot for more information.

2007-02-08 09:25:20 · answer #1 · answered by Professor K 4 · 1 0

Yes, if he signs a quit claim deed, you can have the house in your name - but your mortgage company must agree to this too. And he'll still owe half the mortgage - you'll need to buy his half of the equity. So for example:

Mortgage 200,000
Deposit 50,000 each

Total purchase cost 300,000

Value now 400,000

You have to pay off the mortgage and refinance it just in your name.

You have to give him $100,000 - that's his $50,000 deposit, plus half the additional equity in the property.

This is why buying a property with someone else is usually a bad idea.

2007-02-08 11:03:28 · answer #2 · answered by Anonymous · 0 0

Talk to a real estate attorney.

The realtor who sold you the house, or a local realtor, should be able to refer you to a reputable one.

They may even give you some information or suggestions.

2007-02-08 10:48:02 · answer #3 · answered by bai.mingsheng 2 · 0 0

yes a quit claim deed would work as long as he is willing to transfer all of his invested interest to you.

2007-02-08 09:17:33 · answer #4 · answered by Darlin1_66 3 · 1 0

You would probably need to pay him for whatever equity he has in the house and "buy" his share from him.

2007-02-08 09:15:09 · answer #5 · answered by Louis G 6 · 1 0

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