Legal Question in Real Estate Law in New Jersey

My ex partner of 10 years is buying my half of the house we own together 50%

I want to do a simple transfer of a deed of the house and my name taken out of the mortage. The house, a four family building in Jersey City Downtown,

is now under both my name and my ex-partner's name, equal parts 50/50. The house has a mortgage

also under both names. I want my name out of the deed and also out of the mortgage. My ex-partner is

buying my part out.

II would like to do this as fast and simple as possible,

Thanks a lot,

Best

eb


Asked on 7/22/09, 7:47 am

1 Answer from Attorneys

Unfortunately, you will likely need to have the Mortgage refinanced in order to have you removed from the mortgage, with the partner retaining the property to be the sole obligor on the mortgage. If that cannot be done, for whatever reason, then the property may need to be sold. Having a lawyer involved in this type of transaction is highly recommended.

Keep in mind that this information is given based on the scanty facts that you have provided. And no one can rely on advice from an attorney who has not been retained. In order to be able to rely upon any advice, you need to meet with and retain an attorney, who will be able to give you advice after a full and comprehensive interview. Before you do anything, you should contact an attorney for a full consultation. Good Luck! Rob Gleaner

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Answered on 7/27/09, 8:12 am


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