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Guest

Someone is tryin to buy out my interest in a property. I don't want the other party to refi and keep the money. Do we need a buyout agreement?What documents need to be in the loan docs to make sure that the lender pays me directly?

raymond · Posted: Thu Nov 12, 2009 3:39 pm Post subject:

You need to place a lien against Title. That'll ensure you're paid if the property is refinanced.

jveenstra · Posted: Thu Nov 12, 2009 3:51 pm Post subject: Buyout

Are you on title?? I understand you have an interest in the property, however, is that interest presently supported by any legal documents?

I guess I am asking, does the owner need your permission to refinance or he can refinance anytime without you being involved and you are saying you want to be involved so you get someof the money?

If you presently have nothing to stop the owner from refinancing, then what Raymond notes above seems your only cours of action--put a lien on the property for money owed to you. I am not sure how you put a lien against title unless you can verify someone has not paid money that is owed to you.

Guest

My name is on title. But I am not involved in precurring the loan. So I don't want this person to get ahold of some savvy loan person an trick me into signing. I want to know what to look for in the loan docs that will assure me that the lender will wire me my portion of the refi. I don't want to rely on the other person on title to hand me my money after.

jveenstra · Posted: Fri Nov 13, 2009 7:20 am Post subject: Refinance

You should be fine.

Just have a buyout agreement written up as to how much you receive and the closing agent will disburse funds at closing per the agreement.

Guest

so i currently have a house with my ex... my name is on the title and i am wondering how to determine a fair/legal buyout?

adonis · Posted: Thu May 20, 2010 12:34 am Post subject:

Welcome Nicoleann,

Do you want to buyout your ex? You can contact an appraiser and get the property appraised. This will help you know the value of the property. Depending upon that amount, you will be able to decide on the amount to determine a fair buyout. As far as signing the deed is concerned, you can contact a lawyer and take his opinion.

Posted: Thu May 20, 2010 3:48 am Post subject:

No he wants to buy me out... But I feel his offer is not fair... We've had it appraised already... He tells me I'm untitled to nothing because I did not pay the mortgage.. Which was the agreement coming into the house.. I paid other bills and he paid that. So I'm not really sure of the laws.

sara · Posted: Fri May 21, 2010 3:23 am Post subject:

Hi Guest,

If your name is on the property deed, then you would be considered as one of the owners of the property. If the property is sold off, then you have the rights to claim your share of the property from the other owner.

Take care.

Guest

Hi:
Me and my ex are both on the deed, but only he is on the mortgage. I have been paying the mortgage for the past 3 years by myself. Now I need to buy him out. But the banks keep telling me that because I am not on the loan it is a problem to do a refi, eventhough, he all ready signed the quit claim and is waiting for his money. What do I do???? thank you

smithsussane · Posted: Fri Jul 02, 2010 2:56 am Post subject:

Hi cocosben!

Welcome to forums!

Once you refinance the loan, you will be able to add your name to the mortgage docs. The refinance will be done to add your name to the mortgage. At the closing of the mortgage, your ex can sign the quit claim deed in your favor and transfer the property to you. Thus, you would become the owner of the property as well as the loan.

Feel free to ask if you've further queries.

Sussane

Guest

Hi

I am moving from the home I shared with my husband. I am not legally divorced but am on the deed with my husband. I am not on the loan. He has made a offer to make payments to me to buy me out. Before I move should I have a document put together agreeing to the buyout once he is done the payments of the total we agreed? Or is the deed being in my name and not signed enough said as to I own half until he is done paying??

sara · Posted: Wed Oct 13, 2010 3:11 am Post subject:

Hi Vesely,

As your name is mentioned on the property deed now, you are one of the owners of the property. When you transfer the property to your husband, you can ask him to sign an additional document stating that he will pay you a stipulated sum of money in order to buy you out. This document will safeguard your interest.

Take care

Guest

My partner and I invested in a house for rental purposes. I put up the money for the loan. The loan is in both our names. She now wants to buy me out and is willing to pay my investment amount plus 7% interest (have a property for a year)on the investment amount. What do I need to do in order to sell my share and satisfy the mortgage that we currently have?

smithsussane · Posted: Thu Mar 24, 2011 12:15 am Post subject:

Hi Guest!

Welcome to forums!

You can simply sign a quitclaim deed and sell off your share of the property to your partner. As far as the mortgage is concerned, your partner will have to refinance it in her name. Thus, you won't remain liable for mortgage payments any more.

Feel free to ask if you've further queries.

Sussane

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