What is the name of your state (only U.S. law)? Missouri
I own a home with my girlfriend. We purchased the home in October of 2007. She is the only one one the mortgage since she is a Dr. and makes more money than me and has better credit. We are both on the title, deed and it is for joint tenancy with right of survivorship.
In addition we had a contract drawn up by a lawyer and notarized that states that we both have equal ownership of the property and an equal share of any assets, gains from monies or other distribution of funds, etc.
We are broken up and she wishes to keep the house. The contract states that she has 60 days to buy me out.
I want to move out and sign over the title to her and sign a new document that dissolves the current contract if she is willing to pay me an amount we both agree on. I cannot afford to buy her out instead and if we both stay at the house and try to sell it, that could take a long time and we don't want to be stuck with each other.
Is this the best course of action? Is there anything I should know that might risk me not getting payment in this scenario. I feel that I have the upper hand since she is the only one on the mortgage but I am on the title/deed and we have a contract also.
Once we agree, she pays, how do I get my name off of the title/deed? Do we just go back to the title company? Is there a fee/cost for doing this?
Any help would be appreciated. I can provide further specifics or a copy of the contract if it helps in your advice.
I own a home with my girlfriend. We purchased the home in October of 2007. She is the only one one the mortgage since she is a Dr. and makes more money than me and has better credit. We are both on the title, deed and it is for joint tenancy with right of survivorship.
In addition we had a contract drawn up by a lawyer and notarized that states that we both have equal ownership of the property and an equal share of any assets, gains from monies or other distribution of funds, etc.
We are broken up and she wishes to keep the house. The contract states that she has 60 days to buy me out.
I want to move out and sign over the title to her and sign a new document that dissolves the current contract if she is willing to pay me an amount we both agree on. I cannot afford to buy her out instead and if we both stay at the house and try to sell it, that could take a long time and we don't want to be stuck with each other.
Is this the best course of action? Is there anything I should know that might risk me not getting payment in this scenario. I feel that I have the upper hand since she is the only one on the mortgage but I am on the title/deed and we have a contract also.
Once we agree, she pays, how do I get my name off of the title/deed? Do we just go back to the title company? Is there a fee/cost for doing this?
Any help would be appreciated. I can provide further specifics or a copy of the contract if it helps in your advice.