Legal Question in Real Estate Law in Texas

mortgage buy-out

My wife and I, along with my Mother-in-Law, are on the deed to the property we all live on. My wife and I want to buy-out my Mother-in-Law to take her off the deed and remove her from the property. How does this work? Do we buy her share of the outstanding loan amount, or do we buy her share of the appraised value of the property?

Thanks.


Asked on 12/26/05, 6:33 pm

1 Answer from Attorneys
Jeffrey Hacker Law Offices of Jeffrey R. Hacker, PC

Re: mortgage buy-out

You actually buy her interest in the property from your mother. This can be done as a simple purchase, pursuant to a purchase agreement, and you can combine it with a refinance of the existing loan into one loan. My office has the ability to provide you with this type of financing if you wish to explore it. Please call or email our office.

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Answered on 12/26/05, 8:59 pm


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