How To Eliminate Partner On House?
Hello Everyone,
My friend needs to eliminate the partner on his house. Partner is willing to take 20K and walk away. My friend needs to refinance in order to pay partner. I am assuming partner's name needs to be taken off the title before the Refi takes place? How is this usually done in a legal and timely fashion?
Thanks! Breanna
Do the refi, and have the partner sign a quit claim deed..
Is it legal for the Partner to Quit Claim the deed to My friend BEFORE the Refi? Otherwise, wouldn't they both have to sign all paperwork for it? And, where do you get a Quit Claim? Thanks in advance for the help!
The partner can sign the quit claim deed at the closing. Your friend just needs to tell the title company how to distribute the funds.
I've had some partners over the years I'd have like to have eliminated. But instead I just bought them out.
LOL Yeah, Commercialking, that's what I thought about too, when I read the original post. I was thinking, well, arsenic would work if you don't want to see blood, but well, if you don't mind getting up close and personal, a small handgun would work... lol
Well the other thing I wanted to point out is that you probably don't want to eliminate him on the house. Either do it inside where nobody can see or take him someplace else, preferably a deserted country road.
Yeah, I gotta agree, right out on the roof would be kinda blatant... Deserted roads, preferably 'round midnight WOULD work much better... lolol[ Edited by jam200 on Date 04/19/2004 ]
Ok Guys,
I checked my email this morning to find 4 replys posted to my topic... So I come here to read them and start cracking up laughing!!! The wording was just what came to mind
But, I found an abandoned barn out in the desert so I figured that would work just as well as a house...Plus the paint is red so it will all blend in.
Yeah, a barn in the desert is good, just make sure you bury the partner deep. You don't want legal repercussions.
On the other hand if you elliminated the partner by pushing him off the roof (get it, on the house) it might be looked on as a accident.
[ Edited by commercialking on Date 04/19/2004 ]
LOL-- ok, now lets be civil here
Back to what's legal, if he signed the note to the current lender, there ain't no way you're going to be able to take him out of the liability loop so far as that lender is concerned. He owes that note, and no way the bank is gonna just let him walk, until they're paid in full.
Even if he signed a deed to you today, he's still on the note.