Expert: Ray Beggs - 11/12/2007

Question
QUESTION: I co-own a house with a friend, a non-domestic situation.  I want out of the deal, if someone is willing to buy "my half" how do I go about that?  Does my "friend" and the new person have to get financed together to get me off the loan and deed or can I sell my half to this new person as my own deal?  I don't even care if I make any money, all I want is OUT!! Help please

ANSWER: Hi Christi,

It is up to how you took title if you can sell your part or not. The bad news is that it would be very difficult to do a deal like that, regardless of how you took title. I think the best way to do it would be for your friend and the new buyer to just refinance the house into their names and then take title with you off of it. You could do this for no money or you and the new buyer could come to a monetary agreement.

Best of luck,

Ray

---------- FOLLOW-UP ----------

QUESTION: Thank you Ray, just to clarify, the current co-owner and the new buyer can just refinance the house in their names and that will remove me without having to go through an entire sell and purchase of the home and such?  Is this fairly easy and quick to do??

Answer
Hi Christi,

Yeah,  you can do a "quit claim deed" to your current partner. That takes you off of the title, then the new buyer and your partner can get a new loan to take you off the old loan. You'll want to do this with the help of a good attorney or an escrow company because you'll want to make sure that you're completely off of the loan before you give up title.

Take care,

Ray