Legal Question in Real Estate Law in California
property buy-out
My boyfriend and I bought a house 5 years ago. We hold the property as Joint
Tenants. We have now split and I have not lived in the house for about 5
months. He wants to buy my share. In order to do so, he can only refianance in
his name alone if my name is off the deed. He has offered me a fair amount but
needs sign a document that takes my name off the deed. In return, he will
refianace and have my name taken off the loan. Thereafter he will give me my
buy-out share once he takes an equity loan out on the house [he has already
been pre-approved to refianance on his own].Question: can I protect my self
with a contract? ie.: if I take my name off the deed and have a contract stating he
has x amount of days to pay me my share? Is there anyway for me to put a lien
on the house? I am in the los angeles area. Thank you!!!
3 Answers from Attorneys
Re: property buy-out
I recommend the use of an escrow. An escrow company will hold the deed and the loan papers until everything is signed, then accomplish the change of ownership and transfers of money from the new lender to the old lender with excess divided between the two of you.
I practice this type of law in Northern Calif. and I know escrow and title practices differ a little in Southern Calif., so I suggest you go to one of the big escrow companies in your neighborhood and schedule an appointment with an escrow officer to explain your needs and have them describe their services. The proposed new lender should be completely familiar (and comfortable) with this process, and as long as you and your ex can continue to co-operate, all should go smoothly.
Re: property buy-out
This can all be done through an escrow company. You will be protected using an escrow company. Lender will understand. I would not recommend you sign over anything unless properly handled. Call to discuss.
Re: property buy-out
simple. have him sign a promissory note for the amount of money he's agreed to pay. then record the promissory note on the property. you can exchange the deed (your transfer to him) in exchange for the promissory note. when he refies, the bank will require the promissory note to be paid.
let us know if you'd like our help. the process is relatively simple and inexpensive.
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