How to get partners name off the Land Contract? - Posted by Rob

import · January 11, 2006, 8:30pm

Posted by Rob on January 12, 2006 at 21:40:48:

Thanks John for responding to me. My attorney suggested the same thing. I wanted to verify with you guys though. He also suggested that when I sell, I should have my partner and the seller sign an agreement between the two of them releasing my partner from any liability.

import · January 11, 2006, 8:30pm

Posted by Rob on January 11, 2006 at 21:30:23:

A partner and I bought a property on Land Contract. My partner has run into financial struggle and would like get out of the contract. I was wondering, how do I get her off of the land contract. I’m planning on refinancing the property soon.

Thanks in advance

Rob

import · January 12, 2006, 6:44pm

partners name on Land Contract - Posted by John Merchant

Posted by John Merchant on January 12, 2006 at 19:44:09:

She could give you an Assignment of Interest so as to convey you her rights…but that doesn’t take her name off the Seller’s contract and chances are he won’t agree to giving her a release of her liability on it.

However, remember that almost never does a S on a REC sue a defaulting B, as it’s more cost effective to just take the RE back and resell it.

So get the Assignment, or QC Deed, from her and proceed to treat the RE as your own.