Legal Question in Real Estate Law in Massachusetts
I own a 2 family/ condo with another person, we owe far more than we could sell it for, because of the real estate crash. My partner is getting a divorce, so he wants me to assign my rights over to him and he is going to give it to his soon to be ex- wife in settlement. He is also going to give me $10k.
What papers do I need to show I no longer own this property and can I continue to write down my losses, around 70k?What papers do I need for tax purposes?
Kevin
rockland, ma
2 Answers from Attorneys
You need to deed your interest to him for the $10,000.00 and you need him to refinance the property so you are no longer on the note and mortgage. Otherwise the Lender can come after you in the event of a default.
You can't just deed property out from under the lender without their permission. You are going to have to refinance the property into the name of the new owner. Otherwise, you risk being in default of the mortgage. You also will continue to be responsible for the mortgage debt even after you no longer own the property.
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