- May 15, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Roommate Property Agreement Issue
My roommate and I are both listed on the property agreement and all related paperwork. Unfortunately, our living situation has become untenable and we have decided to sell the property. However, despite our efforts, the house has not garnered any offers after being on the market for over a month.
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## Refinancing Dilemma
After taking the property off the market, my roommate expressed interest in keeping the property under his name and refinancing the house. He has asked me to sign away my rights to the property and remove my name from all related documents.
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## Protecting Your Rights
I am concerned about signing away my rights to the property and the possibility that my name could still be attached to the mortgage if my roommate is unable to refinance. I want to avoid any potential legal entanglements and ensure that my interests are safeguarded.
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****** just grabbed a
You don’t sign off until the refinance is complete. That’s how you both get what you want.
Since you don’t know a lot about the process and you’re dealing with a somebody that doesn’t have your best interest at heart – I would get a realestate attorney to represent you in this. Don’t sign a dang thing until that attorney tells you to sign it. It’ll cost you a few hours of their time but doing it any other way is likely going to cost you thousands more in the end.
You sign off when you get a check. You should have a lawyer help you with the quit claim deed and to make sure everything is in order.
Are you renting or you own the property together?
Is property agreement supposed to mean deed?
Why isn’t the house selling? Overpriced? Poor condition? No offers at all?
Definitely don’t sign anything, but I’d be worried that they intend to stay in the home without refinancing it. Tell you they’re working on the refinance while taking no actual action.
You are correct. Doing what he’s asking means he is the only owner of the house and you’re on the mortgage. Protecting yourself means you don’t sign anything until you have a lump sum payment of your half in cash. His refinancing the mortgage in just his name is just that. He still needs to pay you in cash for your half as if it sold minus however much was owed on the original mortgage.
If real – get lawyer dont sign anything
Get a realtor. You’re selling your interest in the house, and this is exactly what they do to make their money. You’ll have to pay them a commission, but since you’ve already got the buyer lined up and they don’t have to do the work to find one you can probably get them to agree on a discount (especially if they don’t have to split with another realtor, if your roommate doesn’t get one).
One note: If you already had this up for sale, you may still be under contract with any previous realtor you had signed with, so check that first.
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