To quit claim or not to quit claim.?..that is the question..

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I have a situation I would like some advice on,

I will make it as simple as I can:

Issue: Real Estate
Property Location: Florida Condo, Calypso Tower and Resort, Panama City Beach, Florida

Ownership: 50%/50% with ex-friend and current co-worker.

Purchased: for $320k still owe $320k now worth $250...but future looks bright due to location... but still unsure due to current economic turmoil.

Mortgage Type: Rate fixed "interest only loan" expires in March 2010. Rate then will go up I am sure.

Situation: ex-friend and I want to go seperate ways. Options from "his" perspective are to quite claim on either end. I don't think I should quite claim to him because I will still be on the Mortgage. And I don't know if I should take the property due to what is owed. Currently rent pays for 90% of bills...but a bit slower this year.

What to do?

Thank you.

gmakerley · Posted: Fri May 15, 2009 11:25 am Post subject:

the only way for the two of you to go your separate ways is to separate the property from your joint ownership, right? so, i guess that means a quit claim deed would be in order.

financially, it sounds like a safe decision, especially since your rentals are predominantly paying the mortgage.

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