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So I bought a house with my ex in CA and we are splitting up. I am going to move out and she is going to buy my 50% share, after we have the house appraised. She stated that even though I am moving out, I need to continue to pay half the mortgage for 3 months because when she decides to sell (in one year, five years, whenever), it typically takes about three months to sell, and those three months would be "on her" so to speak.
Long story short: am I obligated to pay the mortgage after I sign the quitclaim deed?
Another important point. A quit-claim deed releases your ownership of the property, it does NOT release you from the mortgage. Only the lender can do that.
As mentioned above, it is something you would have to agree to. Her reasoning in the matter is ridiculous. She takes over ownership, so all responsibilities going forward are hers.
Anyway, whatever you agree to will be spelled out in the divorce decree. She will likely have so many months to refinance the loan into her name only and get the equity buyout funds to you in exchange for the quitclaim deed. If she has the available liquid funds to buy you out, she would still have to refi to get your name off of the mortgage, but you would get your money much sooner.
As mentioned above, it is something you would have to agree to. Her reasoning in the matter is ridiculous. She takes over ownership, so all responsibilities going forward are hers.
Anyway, whatever you agree to will be spelled out in the divorce decree. She will likely have so many months to refinance the loan into her name only and get the equity buyout funds to you in exchange for the quitclaim deed. If she has the available liquid funds to buy you out, she would still have to refi to get your name off of the mortgage, but you would get your money much sooner.
We're not married so there will be no divorce decree.
We're not married so there will be no divorce decree.
Well, then you have to be even more careful. Make sure she refinances the loan. Don't sign the deed until she refinances. The title company is used to handling all of that. The deed will get recorded at the same time the new mortgage is.
Well, then you have to be even more careful. Make sure she refinances the loan. Don't sign the deed until she refinances. The title company is used to handling all of that. The deed will get recorded at the same time the new mortgage is.
Even though this is not a divorce you would do well to retain an attorney.
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