Legal Question in Real Estate Law in Texas
Options
I am currently in a loan for a house with a person who no longer wants to bein the relationship. She wants to sell the house, and in my best interest I want to buy her out and move on. Then she can sell since that's the decision she's made. How do I go about buying her out, and what do I have to worry about legally? I just want to move on, and want to do what's best for me, which I believe is buying her out and letting her handle the house. Please help.
2 Answers from Attorneys
Re: Options
If you both want to sell the house, then hire an agent and sell it, split the profits and move on. If one of the two of you wants to keep the house, then the one wanting to keep it needs to visit a financial institution and refinance the house in just the one name. If there is equity in the house then the person moving out would get 1/2 the equity. If the person wanting to stay in the house can't refinance, then there's a big problem for the person moving out.
Re: Options
If you let her take over the loan, you will remain personally liable. If she defaults, the lender will look to you to make good on it. That's the down side.