Selling Condo to SO

[cmmf]

What is the name of your state? Virginia

I own a condo and am considering selling it to my significant other. We are in the process of buying a house together and due to the recent housing market we want to keep the condo and rent it out. Due to my poor credit rating at this time I can not refinance it in my name so we thought if I sold it to him we would be able to keep the condo and get some money out that we need. At settlement his name would be the only one on the paper work, we have been advised after closing we can go to the local courthouse and add my name. That just seems to simple to me. What exactly would be involved in this transaction and potential costs? Should he and I have a notarized agreement to be sure this goes as planned?

Thanks for any help,
cmmf

[Ohiogal]

That is far too simple and may not work for the simple reason that the transfer from him to you and him may be considered a sale which would call the mortgage due meaning you would then both have to refinance in order to get the money to keep the condo. Your notarized agreement would not necessarily be binding depending on how it is written and if it could be construed as engaging in fraud.