My sister and I currently own a property together. We have agreed for her to take over the title and mortgage of the property and she will pay me out a figure of 35k. The mortgage broker has asked for a one line statement, signed by a lawyer, stating that I am happy to come off the title upon receipt of the money. This is required by bank financing the new mortgage with my sister only.Is this correct?
Calling a Lawyer to try and make an appointment who told me I need to sign a sale and purchase agreement. The Mortgage Broker then told me I don't need this and a one liner is sufficient.
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I have a 3rd alternative which I think is needed. You should have an agreement, in which your sister agrees to pay the money and you agree that you will sign an Authorised Nominating Authority addressed to your lawyer, to enable the transfer of your share on receipt of the money. This falls between your 2 options in complexity but should not be costly either
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