Legal Question in Real Estate Law in Pennsylvania

Re: Purchase of home

You can simply execute a deed conveying your interest to your son, or anyone else, for that matter. In order to remove your name from the mortgage and underlying note, the property will likely need to be refinanced. There are ways you might be able to force your son to do this. Please consult with an attorney as soon as possible to explore your options.

Re: Purchase of home

You asked about getting out of the purchase of a home.

You are in a tough spot. Mortgage and deed are two separate instruments. A deed represents title to a home and is held either by the owner(s) named on the deed or by the mortgagor who holds the mortgage for the persons named on the deed.

Getting a person's name removed from a deed is often easy, but never when the deed is subject to a mortgage. You would need permission of the mortgage holder and that will not happen as long as the mortgage remains.

The only way to be removed from the mortgage is to have the home refinanced without your participation.

In circumstances such as this the only legal solution is a partition action. The court sells the home and distributes the proceeds accordingly. The problem here is that these sales rarely realize a home's true value.

Ideally you should come to an equitable solution with the other party.

Regards,

Roger