Daily Archives: October 4, 2008
Quit Claim Deed Can Split Community Property
How can you remove a co-owner from a mortgage loan? If you live in a community property state the situation may be treated differently. One option is to have the co-owner sign a quit claim deed. Another solution is to try to amicably separate first and if that does not work to contact a real estate attorney.
Partnership Agreement Prevents Home Sale Woes
How do you split up the investment in a condo after it’s sold? Two friends contributed to the condo’s down payment but only one of their names is on the mortgage. How much of the proceeds are each of them entitled to after the sale? Can the friend who’s not responsible for the mortgage claim a significant amount of the sale proceeds? A real estate attorney can help determine who gets what and to set up a partnership agreement the next time someone buys property with a friend.
