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Additional Details
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the following answer came back in response to an apt rental query. Tell me what you think..would YOU take this guy up on his offer?
Hi,
My name is William James.I am in my ... |
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 Sell Real Estate? |
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shoopy213@yahoo.co.u... | Mortagage advice ..re buying partner out ??? |
my partner and i split ,4 months ago .I have paid the mortgage
alone since then .i am living in the house ,she moved out .I cannot buy my partner out until next year ,due to a heavy penalty with current lender .I want something in writing to say i have an option to buy her out ,at the price agreed ,when next year comes .can i get this document arranged somewhere ,is there a name for it?? she has agreed to 19 k .i just want to make sure when the time comes she doesnt change her mind ..thanks for reading |
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sonya
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personally i would go to a solicitor, whats to say she wont change her mind next year especially if her circumstances change and the value of the property goes up more than expected, i bought my ex-husband out over 4 yrs ago and i would just say do everything legally through a solicitor it may cost you more to do it this way but at least you know its a legally binding contract. |
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Donkey
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This happened to my friend.
Don't trust her - get it in writing - get a solicitor now - will save you money in the long run! |
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curmudgeon
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don't need anything fancy. write the agreement out on a piece of paper. both of you sign and date it in front of a notary (any bank will have one) and the notary signs it too. |
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Expert Realtor
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Just go to an attorney and have them draw up an agreement. It shouldn't cost more than $100-$150.
Very cheap, and WELL worth it.
PS: Any contract regarding Real Estate that you draw up YOURSELF is NOT legal and cannot be enforced in a court of law. You must have an attorney. Verbal agreements of real estate are not enforceable either. |
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Franco
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The document is called "Option to buy" and you can write it yourself or have it done by a solicitor.
Note that a mere promise, without anything in exchange is not legally binding. To make it binding and also fair to her, you have to pay her a sum of money called consideration, usually 10%, and mention it in the agreement. Then you both sign and date it. If you break the agreement she keeps the deposit and if she breaks the agreement she will have to pay you a similar sum. |
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scottie
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Contact your mortgage provider face to face, you might be surprised with what they have to say. They might be able to sort something out |
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Barbie V
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get a solicitor on this one so its all tied up and she cannot change her mind |
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Kay
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In most states its called an "Option to Purchase" Get a real estate attorney to write one up for you and have her sign it. Best to have it all done now so no one can change their mind
Good luck |
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Bob D
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Just a smple agreement with the terms on a piece of paper. Typed would be best but handwritten is okay. Both of you sign it in front of a notary. Make copies for each of you. |
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retox
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I am unclear as to whether you want to remain in the house or, you are planning to sell the house and they pay your ex her £19k. If you do not plan to sell the house then assuming your lender will advance the £19k, there is no reason why you cannot buy her out. You just need to arrange a further advance on your mortgage and pay her. Talk to your lender about options. If money is a bit tight, you can always let a room out on the room to let - you can get rent up to around £4,500 (you will need to check current limits) tax free.
I would go to a solicitor and have an agreement drawn up which you and your ex sign to say you have agreed £19k as a buy out figure. Make sure that this figure reflects the fact that she is not currently contributing to the mortgage and has not done so for four months. Clearly, if her name is on the mortgage deeds then she is equally liable for the mortgage repayments - whether she lives in the property or not. Obviously, when you give her the money - ensure that her name is removed completely from the mortgage deeds and the property is in your sole name.
A personal tip, if you can, try and stay on the property ladder - it is very difficult to get back on when you are off. |
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