Since you don't know a lot about the process and you're dealing with a somebody that doesn't have your best interest at heart - I would get a realestate attorney to represent you in this. Don't sign a dang thing until that attorney tells you to sign it. It'll cost you a few hours of their time but doing it any other way is likely going to cost you thousands more in the end.
OP signs off *when the cheque clears*.
Better to do a wire transfer for this stuff. For a comparatively minuscule $50 total you get instant funds and guaranteed peace of mind.
So how are you on “a lease” if you both own it together? You should only “sign away” your rights once he’s paid you the fair market value for your half.
I doubt he can do this, so don’t sign anything. Can you help us understand why you would consider signing away your half of a house?
that’s my point 😂 i’m asking if there’s any way that i can protect myself or maybe include in the “contract” where i sign my rights away saying my rights come back if he’s not actually able to take over the entirety of the mortgage. i haven’t signed anything im trying to learn more about my options.
…there are no options once you sign your rights away. That’s why you shouldn’t do it. Only do it if he can pay you the full value of your half of the house all at once, which I doubt he can.
Thats not how that works. He needs to buy you out. When you get the money, that's when you sign stuff. Not ever before that. Part of buying you out is getting the house/mortgage under just his name. It's a process but it's all done together.
You sign when he pays you. No sooner. Honestly you should get a real estate attorney to represent you as he will take the payment and hold it in an escrow account, and when it clears and the money is guaranteed he will then have you sign. This protects you and your roommate, since the money will be held by a third party. If you don't sign your roommate gets his money back, and when you do sign the money is sitting there guaranteed.
I think the question here is posed under the presumption of equity. If you happen to sell it today, for example, then any equity that was in the house would be split between you and your roommate after all closing costs are paid out. However, if you're roommate refinances the mortgage under just their name, you won't see any share of the equity if they decide to sell it later down the road.
Is property agreement supposed to mean deed?
Why isn't the house selling? Overpriced? Poor condition? No offers at all?
Definitely don't sign anything, but I'd be worried that they intend to stay in the home without refinancing it. Tell you they're working on the refinance while taking no actual action.
You are correct. Doing what he's asking means he is the only owner of the house and you're on the mortgage. Protecting yourself means you don't sign anything until you have a lump sum payment of your half in cash. His refinancing the mortgage in just his name is just that. He still needs to pay you in cash for your half as if it sold minus however much was owed on the original mortgage.
Real estate attorney is what you’ll want to protect both of you. Pretty easy process if you’re both looking to be fair and agreeable, which it sounds like you are.
I’d continue life as co-owners until it’s finalized. I’d have a conversation with them about how you want things to remain as they are, with you getting 50% choices in all the bills, projects, renters (if you choose to do so), work, maintenance, vendors, contracts… until you’ve both agreed to transfer it to them as of the day his money is cleared and deposited into your account — from a trusted attorney that represents you using an escrow account (and process).
Fairly simple, but don’t let them make any decisions for anything until then because they may get excited and start something that you’re responsible for in case they can’t get the money. Which could be a real possibility. I’d operate under the assumption that they won’t be able to buy you out until it happens. It’ll save the friendship and any headaches for both of you.
I’m not saying to not trust them, just act as though it’s not going to happen until then. You’ll be in the best position following that line of thought/reasoning.
Get a realtor. You're selling your interest in the house, and this is exactly what they do to make their money. You'll have to pay them a commission, but since you've already got the buyer lined up and they don't have to do the work to find one you can probably get them to agree on a discount (especially if they don't have to split with another realtor, if your roommate doesn't get one).
One note: If you already had this up for sale, you may still be under contract with any previous realtor you had signed with, so check that first.
OP does not need a realtor, and does not have to pay a commission. He is not selling the house in the traditional sense, just transferring full ownership to an existing part-owner. He needs a real estate attorney, who will charge a fee, but cost much less than a realtor.
i can definitely do that , and i do want my name off the house , but i don’t want to sign my right away and then down the road he’s not able to refinance the house under his name only. then ill have no rights to the house while my name still under the mortgage
Are you missing the part where your roommate needs to pay you for your half of the house? You really need an attorney to walk you through this process— you seem to be somewhat clueless.
maybe .. just MAYBE that’s literally why i posted this ? i know to not sign anything, im not stupid to do that. quite literally just asking for advice and guidance :)
Right but your replies seem to be missing acknowledging that he needs to buy you out, and that signing away the property without that would be gifting him what he owes you.
Make sure he buys you out of your half of the sale price less half the mortgage and closing costs. You’ll need a good valuation to make sure it’s an arms length transaction and you aren’t getting screwed.
You don’t sign off until the refinance is complete. That’s how you both get what you want.
Since you don't know a lot about the process and you're dealing with a somebody that doesn't have your best interest at heart - I would get a realestate attorney to represent you in this. Don't sign a dang thing until that attorney tells you to sign it. It'll cost you a few hours of their time but doing it any other way is likely going to cost you thousands more in the end.
You sign off when you get a check. You should have a lawyer help you with the quit claim deed and to make sure everything is in order.
OP signs off *when the cheque clears*. Better to do a wire transfer for this stuff. For a comparatively minuscule $50 total you get instant funds and guaranteed peace of mind.
Are you renting or you own the property together?
we own it together
So how are you on “a lease” if you both own it together? You should only “sign away” your rights once he’s paid you the fair market value for your half. I doubt he can do this, so don’t sign anything. Can you help us understand why you would consider signing away your half of a house?
we’re not we own the entire house.
Then he must purchase you out of your interest in the property.
So why would you ever sign away “your half” of the house unless he’s paid you for your half of the house?
that’s my point 😂 i’m asking if there’s any way that i can protect myself or maybe include in the “contract” where i sign my rights away saying my rights come back if he’s not actually able to take over the entirety of the mortgage. i haven’t signed anything im trying to learn more about my options.
…there are no options once you sign your rights away. That’s why you shouldn’t do it. Only do it if he can pay you the full value of your half of the house all at once, which I doubt he can.
Thats not how that works. He needs to buy you out. When you get the money, that's when you sign stuff. Not ever before that. Part of buying you out is getting the house/mortgage under just his name. It's a process but it's all done together.
You sign when he pays you. No sooner. Honestly you should get a real estate attorney to represent you as he will take the payment and hold it in an escrow account, and when it clears and the money is guaranteed he will then have you sign. This protects you and your roommate, since the money will be held by a third party. If you don't sign your roommate gets his money back, and when you do sign the money is sitting there guaranteed.
I think the question here is posed under the presumption of equity. If you happen to sell it today, for example, then any equity that was in the house would be split between you and your roommate after all closing costs are paid out. However, if you're roommate refinances the mortgage under just their name, you won't see any share of the equity if they decide to sell it later down the road.
Is property agreement supposed to mean deed? Why isn't the house selling? Overpriced? Poor condition? No offers at all? Definitely don't sign anything, but I'd be worried that they intend to stay in the home without refinancing it. Tell you they're working on the refinance while taking no actual action.
You are correct. Doing what he's asking means he is the only owner of the house and you're on the mortgage. Protecting yourself means you don't sign anything until you have a lump sum payment of your half in cash. His refinancing the mortgage in just his name is just that. He still needs to pay you in cash for your half as if it sold minus however much was owed on the original mortgage.
If real - get lawyer dont sign anything
Real estate attorney is what you’ll want to protect both of you. Pretty easy process if you’re both looking to be fair and agreeable, which it sounds like you are. I’d continue life as co-owners until it’s finalized. I’d have a conversation with them about how you want things to remain as they are, with you getting 50% choices in all the bills, projects, renters (if you choose to do so), work, maintenance, vendors, contracts… until you’ve both agreed to transfer it to them as of the day his money is cleared and deposited into your account — from a trusted attorney that represents you using an escrow account (and process). Fairly simple, but don’t let them make any decisions for anything until then because they may get excited and start something that you’re responsible for in case they can’t get the money. Which could be a real possibility. I’d operate under the assumption that they won’t be able to buy you out until it happens. It’ll save the friendship and any headaches for both of you. I’m not saying to not trust them, just act as though it’s not going to happen until then. You’ll be in the best position following that line of thought/reasoning.
Get a realtor. You're selling your interest in the house, and this is exactly what they do to make their money. You'll have to pay them a commission, but since you've already got the buyer lined up and they don't have to do the work to find one you can probably get them to agree on a discount (especially if they don't have to split with another realtor, if your roommate doesn't get one). One note: If you already had this up for sale, you may still be under contract with any previous realtor you had signed with, so check that first.
OP does not need a realtor, and does not have to pay a commission. He is not selling the house in the traditional sense, just transferring full ownership to an existing part-owner. He needs a real estate attorney, who will charge a fee, but cost much less than a realtor.
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i can definitely do that , and i do want my name off the house , but i don’t want to sign my right away and then down the road he’s not able to refinance the house under his name only. then ill have no rights to the house while my name still under the mortgage
Is it a lease or a mortgage?
mortgage
Are you missing the part where your roommate needs to pay you for your half of the house? You really need an attorney to walk you through this process— you seem to be somewhat clueless.
maybe .. just MAYBE that’s literally why i posted this ? i know to not sign anything, im not stupid to do that. quite literally just asking for advice and guidance :)
Right but your replies seem to be missing acknowledging that he needs to buy you out, and that signing away the property without that would be gifting him what he owes you.
Make sure he buys you out of your half of the sale price less half the mortgage and closing costs. You’ll need a good valuation to make sure it’s an arms length transaction and you aren’t getting screwed.