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Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 53715
Experience:  32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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I live in North Carolina. When I was 18, my mother signed the

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I live in North Carolina. When I was 18, my mother signed the deed of our family's home over to my brother and I and we refinanced the mortgage in both of our names following my mother's divorce (she had never worked and had no income). I did not fully understand the implications of this at the time. I was never happy with the situation and it caused much strife between my family and I because I felt I was "locked in" to living in the family home without realizing it at the time. I now do not want to own or live in the home (nearly 20 years later). In order to move on with my life, I believe I need: my brother to refinance in his name only and to do a quit-claim deed. Is this correct? I am willing to walk away with nothing at this point, so I understand I will no longer have any claim to the home or part of any proceeds if he were to sell it. Is there anything else I should know before I do this? Are these two steps the correct (and only) ways to remedy this? Thank you.
Hi! My name is XXXXX XXXXX I look forward to helping you!

You are would give him a quit claim deed in exchange for him getting you released from the mortgage. You don't want to transfer your interest in the title to the property unless you are released from the these need to occur simultaneously. You have the leverage here because if your brother won't or can't get the property refinanced or you released from the mortgage, you can force the issue by filing a suit for partition.The result of that suit will be one of the following: i) if the property can be equitably subdivided, the court will order the property divided into smaller parcels with each owner then owning 100% of their own smaller tract with full control over that tract; or ii) if the property cannot be equitably subdivided, the court will order the property sold and the proceeds divided. Since a house cannot be divided, the court will order the house sold. The reality is that in most cases, once the owner fighting the sale finds out the certainty of the result of a suit for partition, that owner typically agrees to the sale without the suit to avoid the costs of the suit.

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