What is the name of your state? California
Hi, Thanks in advance for your help.
I share a house with someone who's not related (Joint Tenancy WROS) and would like to buy them out for 120k. They have agreed (although the word partition suit and sale have come up numerous times), but they need 20k up front to move out and get settled.
I have the 20k ready to go, but want them to sign some kind of letter of intent to Quit Claim the property over to me when the balance (100k) is paid.
Because of the deterioration of the relationship, I'm concerned that if I just hand over the 20k, they will turn around and sue me and force a sale instead of just taking the money and running since they never contributed to the mortgage or prop tax.
My paralegal friends said that the lawyers they work with suggest that I turn the actual transfer of title, etc. through escrow, which I plan to do. This is to cover title policy, deed tranfer, etc.. I am fine with this.
Meanwhile, where can I find a document that will stand up in court if she renegs after receiving the 20k? I'm just at a loss and am being pressured for the money.
Thanks in advance,