Legal Question in Real Estate Law in Colorado

Who Is Responsible To Pay?

If two parties purchase a house together and years later they decide to separate. The party that moves out decides to turn over their portion of the realestate to the party that will continue to stay at the said property. What should the party that moved out do, legally, so the other party can not come back at them years from now and say "you owe me from past mortgage payments", or " I have quit my job, and I can no longer pay for the house, can you pay the payments for me?" What can they do?

Thank you


Asked on 10/19/00, 2:29 pm

1 Answer from Attorneys
Charles Aspinwall Charles S. Aspinwall, J.D., LLC

Re: Who Is Responsible To Pay?

The moving party does 2 things:

1. Quitclaim deeds the property to the remaining person;

2. Gets an indemnity from the remaining person or gets his name removed from the mortgage by the remaining person [quite a lot harder].

Whatever is done be sure you get it in writing.

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Answered on 11/15/00, 9:46 am


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