Legal Question in Real Estate Law in Texas
My partner and I bought a house togeather and we are now going in our own directions so we agreed that he would take over ownership of the house and finish paying it off. How do I go about doing this?I went to the county clerk but they wouldn't give me any advice.Do I need to hire an atty?If so how much would you charge?
1 Answer from Attorneys
Unless your parter refinances without you, this is a very bad idea. In Texas, there are two things to know about home ownership: title (who owns it) and obligation (who has to pay for it.) If you've financed it together, then you personally own it (with the partner) and you personally have the obligation to pay for it (with the partner.) However, if you transfer your interest in the property, you no longer own it, but you still have to pay for it. This means if the partner stops paying, dies, etc, you are on the hook for the payments (and your credit will be effected) even though you no longer own the property.
Dave
http://leonlaw.com
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