Posted by Helen on September 20, 2005 at 16:10:29:
Two brothers take over fathers house. One brother pays all expenses, lives thier, and re-morgages the house in just his name. Both brothers are on the deed. Are both brothers owners equally?
help w/ this: remove name from deed - Posted by mike
Posted by mike on July 01, 2005 at 07:22:29:
state: VA
I have a mortgage on a property (in my name) but the deed has both myself & a partner on it.
We have agreed to a “buy out” to essentially remove my name from the deed so she will own it outright under her own financing (she will pay me outstanding loan + equity). What legal work needs to be done for this?
Re: help w/ this: remove name from deed - Posted by Natalie-VA
Posted by Natalie-VA on July 08, 2005 at 08:59:02:
Mike,
I’m not a lawyer, but let me try to simplify this.
Whatever settlement agent is closing her new loan should be able to have a new deed drawn up so that the property can be transferred from both of you to her.
Her new lender would probably require this anyway. They don’t want to give a loan to one person when there are two people on the deed.
I hope this makes sense.
–Natalie
Re: help w/ this: remove name from deed - Posted by River City
Posted by River City on July 05, 2005 at 06:02:59:
Make sure that your signing the deed over to her is simultaneous with her financing of the property to ensure that you are not left out in the cold with nothing.
Re: help w/ this: remove name from deed - Posted by Tom-FL
Posted by Tom-FL on July 03, 2005 at 01:03:35:
Not a lawyer here, but it looks like a pretty straightforward sale to me. The partnership (you and her) sell the property to her. She brings new financing to the settlement which closes out the current loan and the excess is distributed according to the partnership agreement.
Divorced couples do this all the time.
Re: help w/ this: remove name from deed - Posted by mike
Posted by mike on July 01, 2005 at 13:45:19:
thanks for the info John. Let me clarify: I have no intention of doing this myself nor did I mention that. I am gathering input from various sources because I’ve received conflicting advice. I plan on having a lawyer but part of the conflicting advice has come from lawyers so here I am. Now that that is clear, can anyone give advice on my original question?
Deed preparation is not for layman - Posted by John Merchant
Posted by John Merchant on July 01, 2005 at 13:22:39:
Generally it’s poor practice for any layman to attempt to do his own deed.
The alternative is either an escrow co. or a lawyer, and the escrow co. isn’t too happy to deal with laymen either. They could but generally won’t. Probably 95% of their business come from RE agents who prepare the purchase and sale agreements,then forward them to a title and escrow co. which then does the formal legal docs to tranfer the property.
Meaning that you need to have a lawyer do it for you.