Expert: Dick Dennis - 7/16/2006

Question
I am a co-owner of a home with my sister.  The home was bought in 1997.  I am in the military and have never live at ther resident.  I would like to relinquish my ownership of the property.  I donot want any money I do not want any responsibility of the home at all.  My credit is been affected by the lack of consistency in the payments.  Is there any way for us to get an agreement that will be valid with the finance company so that I will no longer be responsible for the house.

Answer
Assuming your sister does have good credit, I would think that the lender would accept her as the new owner/payer, that's if they ever find out that she is the new owner.

You can do it two ways: Either execute a warranty deed (the best way because it guarantees that you do own the property to whatever extent you do, or you can execute a quit-claim deed. That way just gives her whatever interest you have in the property. Then she must go to the county recorded and have it recorded in your sister's name.

Then she can go an refinance the property totally in her name. It's a very simple thing to do, but I suggest you enlist the aid of a REAL ESTATE attorney to make sure everything goes down properly.

I do wish you well.

Dick Dennis               dixiedee13@aol.com