Buying out of a mortgage

[ablessin]

What is the name of your state? NEW YORK

Hopefully a simple question here...... If a couple is separating, and one person wants to keep the house - how/what is the "buying out" process?

What is involved, and also if home improvements were made, can the home be sold for more than what the couple originally purchased it for?

Thanks

 

[divgradcurl]

What is the name of your state? NEW YORK

Hopefully a simple question here...... If a couple is separating, and one person wants to keep the house - how/what is the "buying out" process?

What is involved, and also if home improvements were made, can the home be sold for more than what the couple originally purchased it for?

Thanks

It is simple -- the couple figures out what the "buyout" should be, once they agree, the person who wants to keep the home refinances the home in their own name, pays the other person the "buyout" amount, and the other person quitclaims their interest in the property to the one keeping the property. Ideally this all happens simultaneously, so one person or the other isn't left holding the bag if someone has a change of heart midway through the process.

Having a lawyer to act an an intermediary is a good idea.

 

[HomeGuru]

thanks div.

 

[ablessin]

It is simple -- the couple figures out what the "buyout" should be, once they agree, the person who wants to keep the home refinances the home in their own name, pays the other person the "buyout" amount, and the other person quitclaims their interest in the property to the one keeping the property. Ideally this all happens simultaneously, so one person or the other isn't left holding the bag if someone has a change of heart midway through the process.

Having a lawyer to act an an intermediary is a good idea.

Thanks for the info, I can pass this along. I know a lawyer is going to be contacted, plus it's in the best interest for both parties to have as__es covered from a legal perspective!

Again, thanks for the information!