Legal Question in Real Estate Law in New Mexico

I own a property with a partner. She wants to buy me out of my half but cannot qualify for a mortgage in order to refinance individually. Can we draft a legal document that formally states that she is the sole owner without changing the title or mortgage? In other words, I would remain on the title and mortgage although she would become sole owner


Asked on 8/17/10, 9:19 pm

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

The proper procedure would be a Real Estate Contract (REC) stating the terms of the agreement between you for her purchasing your interest. Whatever you do you will remain on the mortgage and if she defaults you will have to pay.

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Answered on 9/27/10, 11:45 am


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