In Missouri spliting assets

[Big John]

Both of us are on the deed to our place and we will be getting a appraisal on it. One of us will be keeping the place and will have to take out a loan to pay the other his or her part of what it appraises for. Who ever takes out the loan does not want the other on the note, but with both names are on the deed how is this done?

 

[Bali Hai]

Both of us are on the deed to our place and we will be getting a appraisal on it. One of us will be keeping the place and will have to take out a loan to pay the other his or her part of what it appraises for. Who ever takes out the loan does not want the other on the note, but with both names are on the deed how is this done?

The person getting the loan to buy out the other, needs a quit claim deed from the person being bought out before the bank will authorize the loan.

The person buying out the other also needs to qualify for the loan.