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confused | Do i have to sell my side of the the duplex? |
My girlfriend and I bought a duplex together. She got married and now shes moving away.. i dont want to sell my side. Do i have too? she says we do. But we r both on the lease. |
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packinrat
 |
If you are on the loan together you should buy her out of her half.
Lease out here side and borrow the money to buy it from her.
She can not make you do anything if you are both on the loan.
You will need an attorney to look at the paperwork and determine for certain but there may be other options.
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artwhiterealtor
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The introduction of the word "lease" makes the situation unclear, but I will assume that you meant the "loan". As with any real world question, the best answer is "it depends on . . ."
Did you make some kind of agreement beforehand as to what would happen if one of you wants to sell? You should follow the terms of that agreement or at least consult an attorney to see how to interpret it and whether it's enforceable. (NOTE: never get involved in this kind of partnership without a written agreement about how it is going to be managed and what will happen when it winds up) If the two of you have a TIC (tenancy in common) agreement, it might be possible to substitute a new 50% owner for your friend. You can still creat one now even if you did not have one before. In order to do this you will need an attorney to assist you with the agreement, but you should also consult a Realtor to find out if there is any market for TIC's in your area, and if there are any fractional lenders that will offer new financing for the one half interest. That way you might not have to refinance the old loan.
However, the existing lender could be a problem. Most loans notes have a "due on sale clause" that will require refinancing when there is a change of ownership.
What if you just refuse to participate in the sale when your partner tires to sell? She can file for a partition action in court and force a sale, so ultimately you will have to sell, and there might be damages involved for your refusal. But knowing the complexities of forcing you to sell could be leverage to persuade her to give you very good terms on buying out her interest. As others have pointed out, this could be a great opportunity to acquire investment property at a favorable price. |
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hollywoodmelody
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Actually buying a property and leasing a property are two different things. If you bought the duplex and both names are on title then you would need her to sign a quitclaim so that she has no rights to the property. That is very difficult to do because she is probably wanting the money from selling the duplex. If you can afford to buy her out then that is the way to go. It depends on how you took title. The loan is completely separate issue if both of you are on it and she wants out, you would have to qualify by yourself.
If its just a lease agreement you are talking about that is a whole different situation which would be easier than actually owning the property itself.
What I would do is check to see how you both took title. That will tell or dictate what must be done. If you don't understand how to read how you took title, contact any Title company or Escrow company and they can explain it to you free of charge.
It sounds like you might have to sell the duplex and split the profits if any. |
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elaeblue
 |
Buy her out. Buy her side from her and rent the side you are not using. |
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Wendy Jean
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The way I read your question is you lease one side, she leases the other. If this is the case, then her moving should not effect your lease. It should be two separate leases, if not, then you can re-sign for your side. The other side is if you and her purchased a duplex together and have a loan for it, then you can buy her out if she will go that route. If she just wants to sell it, then see if you can get the financing to purchase the property. |
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Leo F
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This was a bad Idea to do in the first place. The duplex is under one parcel number and the loan was for the hole duplex. You cant sell 1/2 of the duplex it is part of the hole. You will have to refi and buy her out. If you can't afford to buy her out and you do not want to sell, you guys could rent one side out. This is a partnership and you don't own one side and she owns the other. you both own the hole. |
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De
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If she wants out then you will have to buy out her share by either going back and getting another loan... You can rent the other half out if you wish... Ask a Realtor what you should do... in this situation...
Good luck |
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Perplexed
 |
If you bought the property, you don't have a lease you have a mortgage. If that is true, then you own the property.
If it is really a duplex with two separate living units each with it's own separate entrance, then she can sell her side and you can keep yours. You just wind up with new neighbors.
If you are leasing the property from the owner then you are basically renting it for a pre-determined time. It that is true then you can stay until the end of the lease, but you may have to fund the full amount.
So the primary question is:
1 - Did you purchase the property or did you lease it?
2 - Is it a duplex or are you sharing a two bedroom apartment? |
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pyelder
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your question is a little confusion.
By the term "duplex", do you mean a 2 level apartment, or 2 separate but attached housing units? If its 2 units, you're in good shape. If its a single apartment unit, that's a different story.
Also, if you are both on the "lease", you don't own anything. Get another roommate to take over her share of the lease ASAP.
On the other hand if you are both on the deed/title, you're owners, and as the other responders have said, you can just offer to buy out her interest in the property. Under this scenario, if the rent from the vacant unit is high enough, you will probably be able to obtain financing for the full mortgage, assuming your income and credit are solid.
If you are not capable of buying out her interest, then either she or you need to find another "partner" who is capable of buying out her interest. If not, you both need to sell the house. |
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fluke
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what does 'lease' have to do with buying? |
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