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Richard
Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 46845
Experience:  32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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My ex-husband is wanting to buy me out of a house we own together,Since

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My ex-husband is wanting to buy me out of a house we own together,Since the market is difficult to sell the house and get a fair value out of right now. He seems to think that in order to by me out and get me off the original loan as an owner, that he has to get an entirely new mortgage instead of just refinancing or taking out a second.

Can you please explain to me how to buy someone out of a property as far as paperwork, or to give up ownership in this case legally?
Submitted: 3 years ago.
Category: Real Estate Law
Expert:  Richard replied 3 years ago.

Good afternoon. To get you off the title, you only need to sign a Quit Claim Deed transferring your interest to your husband. But, you do not want to do this unless the lender releases you from the mortgage...because you do not want to give up ownership and yet still owe on the mortgage...If the lender is not willing to release you from liability on the loan, then the only alternative is for your husband to refinance the mortgage himself.

 

 

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The information given here is not legal advice. As all states have different intricacies in their laws, the information given is general only. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.

Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 46845
Experience: 32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
Richard and 2 other Real Estate Law Specialists are ready to help you
Customer: replied 3 years ago.
Hi! I was wanting to ask you a follow up question. My ex is currently looking into refinancing the mortgage
on our house in order to pay me my portion of our equity in the house. We were discussing making an agreement that if the house appreciated in value in a few years he would give me a portion of the sales price when it sold. After really thinking of the possibilities, i have decided I do not want any legal responsibilities should anything happen towards that house or to have it attached to my credit. Can he simply refinance the house in his name? How can i make sure I am in no way legally attached to it. I am not sure of the process and order of what must be done. I have read that the mortgage companies rarely just accept taking you off mortgage and i need to be taken off deed as well, right? Just trying to cover all the bases in order to solve this, as I really dont want this affecting my credit or me in any way. Thank you!
Expert:  Richard replied 3 years ago.

Good afternoon. He can refinance it without you as long as you agree that your interest in the property is subject to the lien...you would waive your rights in favor of the mortgage, but you would not be liable for the mortgage. The lender will agree to this because they have the house as the lien and your ex to pay it. You retain your ownership and participate in the upside when it sells.

 

 

I hope this has given you the guidance you were seeking. I wish you the best of luck!

 

If you have a follow-up question, please remember that there might be a delay between your follow up questions and my answers because I may be helping other clients or taking a break.

 

If I have adequately answered your question, even though the answer might not have been the one for which you hoped, I would appreciate it if you would please click the GREEN ACCEPT button so that I receive credit for my work; otherwise, though you have made a deposit, I do not receive credit.

 

If you need additional clarification on this question after clicking ACCEPT, please do not hesitate to click Reply and I will be happy to do what I can to help you further. Thanks for allowing me to be of service to you.

 

The information given here is not legal advice. As all states have different intricacies in their laws, the information given is general only. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.

 

 

Customer: replied 3 years ago.
He is going to refinance the house. can he simply refinance it without me being involved in anyway?
Expert:  Richard replied 3 years ago.
You will only be required to waive your subordinate your rights to the lender if he defaults on the loan; if you don't do that, it is unlikely he will be able to get the loan. But, if he is refinancing to buy you out, all you need to do is to deed him your interest upon payment of your share.
Customer: replied 3 years ago.
he is refinancing to buy me out and i do not want any more attachment to him or the house frankly.I dont want my name on anything to do with it...
I am sorry for asking so many questions but I just want to make sure I understand what needs to be done. We live in separate states, I am in texas and he and the house are in utah. Please forgive me, but if you could explain in simple terms what I need to do in this case:)
Expert:  Richard replied 3 years ago.

All you are going to need to do is sign a quit claim deed transferring your interest in the property to him. You will deliver this to the title company through which this refinancing is being closed...there will be a title company because the lender is going to want a new lender's policy....to be held in escrow until your funds due you are received. That is all you need do.

Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 46845
Experience: 32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
Richard and 2 other Real Estate Law Specialists are ready to help you

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Richard
Richard
Real Estate Lawyer
46845 Satisfied Customers
32 years of experience as lawyer in Texas. I'm also a Real Estate developer.