Legal Question in Family Law in California
What are my legal obligations on title but not on mortgage...
What are my legal obligations if my name is on the title for a duplex property but I am not named on the mortgage? 10 yrs ago a friend and I went in together and purchased a duplex. He put down much more $$ than I initially. Recently (2 yrs ago) we refinanced and b/c he had a higher credit score than I, we refianced in his name only. We split the mortgage and house related costs. Now I want to move out and buy a separate prop. I'm ready to move/ sell, he is not. I do not need money from the sale of this property in order to move out. We thought a compromise would be to rent my unit out to help pay the cost of the mortgage. Should I remove my name from the title? How do I do this? If we rent out, am I entitle to part of the rent? If I don't take this share and allow it to help cover the mortgage do I have any legal protection? What kind of docs should I look into to protect myself?
1 Answer from Attorneys
Re: What are my legal obligations on title but not on mortgage...
if you own it 50/50 then you're entitled to 50% of the proceeds. if you partner is living in half and you rent out the other half, then you get all the money. of course you'll have to cover your share of the mortgage, property taxes, maintenance and repairs. you also have the right to sell your half of the property.