I bought a house with a friend. Now I would like to be removed off of title and mortgage. The bank requires both of us to sign a purchase agreement. ( my friend, will remain on title and mortgage)We have a copy of a current real estate purchase agreement.What information is most crucial on the contract to protect me?
Province/Territory relating to question: Alberta
Reviewed the purchase contract and had initial areas to cross out and find out from bank ( briefly) what they require
If the bank required that you sign the offer the bank is not going to let you off the title or the mortgage.
Did you check with them?
They are saying that they want your situation to appear as if your friend is buying you interest from you.Is that it?
Yes but I think you are missing my post.
Are you having trouble accessing the chat?
I can change this to a question and answer format if that helps.
I find that odd.It makes no sense to me.If your friend is not buying your interest there is no way to do a bona fide purchase agreement.What is happening is that you are transferring title to your friend. Is that not all that is going to happen?
You have to scroll to the top of your screen each time, I guess.I think you have to tell the bank that their is no purchase agreement and there is no purchase. You are just transferring your title.
Ask why this is necessary and where they think you can get such an agreement. And say you are concerned as the agreement would not be bona fide though you can say title is being purchased for a dollar I suppose.
There is no real concern but it's odd that it's being required.Where did you get the agreement from?
I find this a bit disconcerting. Do you have time to see a lawyer as you can do so for free.I don't like you signing a legal document because the bank says so without knowing all that it says.
You can see a lawyer for free through the referral service but not today.Seeing the friend of a friend is a good idea.
That lawyer will take two minutes to review the offer and you will be set.
If you can wait until you get back then
you can contact the Law Society and use their Lawyer Referral Service. You will be given the name of a lawyer and can consult with the lawyer and the first half hour will be free.
Let me find you the number.
The number is: 1-800-661-1095 or 403-228-1722 in Calgary
Just say what you said to me.
You are about to go away and need a minute's advice.
You are transferring your name off title.
The bank wants to see an offer to puchase etc.
Is this offer OK to sign for you?
No you cannot call them until tomorrow morning.
So try and get your friend's friend.
I cannot review the agreement.I think there is not much risk but I would feel much better with a lawyer actually quickly reading the agreement.
I cannot advise on content. I am only permitted to give information and not advice but I also cannot see the agreement.I don't think anyone should sign a legal document, ever, without a lawyer actually reading it and advising and am glad to see your instincts are right about how you need to be protected.
You have already paid.
If you rate me one of the three top ratings I get paid.
If you choose one of the bottom two I don't get paid and my stats are hurt.
Yes you are sure are under pressure here unfortunately.
It's always a problem getting ready to go away and relax! This seems to happen to me no matter what I do.
You are not charged again.
Yes you will.
The post does not lock.
You too and enjoy your holiday.