Legal Question in Real Estate Law in Indiana
hello, i have been living in a residence for the last 7 years without my fiancee. she is also listed on the loan. i am in process of trying to refinace my home and have her taken off, however my credit prohibits me doing so for the next 5/6 months. she wants to do quitclaim deed after closing of new loan. i am very leery though. what if she has change of mind and then refuses. she said that she is willing to sign a legally binding form now that says that she will relinquish any rights to residence when new mortgage is approved or when home is sold( whichever comes first). is there such a form?
2 Answers from Attorneys
You could reach such an agreement if you agreed to pay her something. She can not be countractually bound to make a gift to you in the future, and it sounds like that is what this is. You need to talk to a lawyer in your community to deal with this question. Remember, a deed from her will not change her liability on the debt to the bank...if she signs the loan, she'll still owe the money.
Have her execue it now and place it in escrow pending a new loan.
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