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J. Warren
J. Warren, Lawyer
Category: Real Estate Law
Satisfied Customers: 2195
Experience:  Experience in residential real estate and commercial leases.
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My husband couldn't qualify house in 2005 so a family friend

Customer Question

my husband couldn't qualify for a house in 2005 so a family friend put it in his name and my husband has always made the payments. Now our friend wants it out of his name into our name. How do we do this?
Submitted: 4 months ago.
Category: Real Estate Law
Expert:  J. Warren replied 4 months ago.

Hello and welcome to JustAnswer. Please note: This is general information for educational purposes only and is not legal advice. No specific course of action is proposed herein, and no attorney-client relationship or privilege is formed by speaking to an expert on this site. By continuing, you confirm that you understand and agree to these terms.

To transfer only the title and if there is no loan on the property, the property owner can deed the property to your husband and have it recorded. If the friend has a mortgage in his name he can add the husband to the deed be deeding an undivided ½ interest and then having the husband refinance the home in his name only to pay off the balance of the friend’s loan. While the process is not difficult, it is technical and you should use a local real estate attorney to create the appropriate deeds and document the transaction.

Another possible way to remove the friend from ownership would be to have the husband purchase the home for the remaining balance of the property. This would be more of a traditional purchase and sale exchange. A Realtor would not be necessary but would be beneficial to retain local counseling for purposes of documenting and closing the transaction.

All my best and encouragement. Thank you for allowing me to help you with your questions. I have done my best to provide information which truthfully addresses your question. Please note: If I tell you simply what you wish to hear, this would be unfair to you. I need to be honest with you and sometimes this means providing information that is not optimal. Negative ratings are reserved for experts who are rude or for erroneous information. Please rate me on the quality of my information; do not punish me for my honesty. Kindly rate my answer as one of TOP THREE FACES/STARS and then SUBMIT, as this is how experts get credit for our time.

Expert:  J. Warren replied 4 months ago.

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