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 agree with Mr. Schomer. The best way for you to handle this situation is to structure the transaction as a purchase of your interest. You DO NOT want to give anyone a deed transferring your interest in the property unless and until you have been paid. If you structure the deal as a sale, escrow cannot close without first paying you what you are being promised by your ex boyfriend. If you simply give a deed to your ex, he has no incentive to do anything, especially pay you anything for your interest in the property, and you will likely be required to file a lawsuit to force him to pay you.
Re: property buy-out
The one way that I know of is to have the escrow instructions specifically hold your buy-out monies and pay them to you upon closing; that escrow will not close without your getting paid. Good Luck.
Re: property buy-out
You can do this. I think it would be easier to simply arrange the escrow as a purchase escrow so that he is buying your interest. That way you can deposit your deed in escrow in exchange for his payment.
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