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 bearnspot
Joined: 23 Oct 2009
Posts: 1
1.37 Dollars($)
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 Posted: Fri Oct 23, 2009 7:12 am Post subject: Can you ste up a deed so that in order to sell the property |
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| I am contemplating putting my partner as co-owner of my house. Is there a legal way to stipulate that BOTH owners would have to agree to selling the house in order for the sale to take place or that one owner could NOT force the other to but out his share? I have a friend that put his partner on the deed and they broke up shortly after and he had to sell the house and give the partner half of the proceeds. Is there a way to prevent this from happening? |
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sunnyca2009
Joined: 04 Aug 2009
Posts: 1737
36.13 Dollars($)
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| Posted: Fri Oct 23, 2009 10:55 am Post subject: |
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| When you have co-signer and when want to sell the property, by default both need to agree. If one of them do nto agree then you will not be able to seel it. At the end both need to sign the sale agreement |
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jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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| Posted: Fri Oct 23, 2009 11:25 pm Post subject: |
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Hi bearnspot,
Once you add a person to the property deed, he/she becomes the co-owner of the property. Both the co-owner's have to agree for a sale as Sunny has suggested. Moreover, as both are the owners of the property, they would receive equal amounts from the sale proceeds.
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sunnyca2009
Joined: 04 Aug 2009
Posts: 1737
36.13 Dollars($)
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| Posted: Sat Oct 24, 2009 10:47 am Post subject: |
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Thats correct
Both of them are owners of the property |
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raymond
Community Experts
Joined: 03 Jul 2009
Posts: 315
Location: Irvine, CA
60.39 Dollars($)
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| Posted: Sat Oct 24, 2009 11:41 am Post subject: |
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The safest way is to refinance it so both of you are on note and title. Using a "land contract" is an alternative method. Be sure to use an experienced Real Estate Attorney if you do the land contract.
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Raymond
www.ReverseMortgageCalculator.org |
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