Home Selling in Philadelphia>Question Details

Michael Laib, Home Buyer in Philadelphia, PA

Can I pull my house from the market and have my brother do a refi to take ownership without any legal issue's from the realator? We both own the home.

Asked by Michael Laib, Philadelphia, PA Sun Jul 7, 2013

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Understand that the Ownership (TITLE) is a separate issue from the Mortgage:
You can any combination.
This sounds like it might be simple; have you talked to your Lender? They might surprise you.
0 votes Thank Flag Link Mon Jul 8, 2013
You will want to make sure that there is no "seasoning" requirements with the refinance lender. A lot of times you will have to wait 6 months from when the house was last listed on the market for an eligible refinance. You can typically take yourself off of the deed through a quit-claim action which is drawn up and signed at closing.
0 votes Thank Flag Link Mon Jul 8, 2013
The first hurdle is: are you sure he can qualify? The bank may not let him assume your mortgage. It may not be a refi as he is not currently on the mortgage. You may have to see if they will add him.

He may have to go through the motions of "buying" the house from you. I would speak to a real estate attorney about all this. Realtors are not attorneys and cannot give advice about legal issues such as this. It will be we'll worth the attorney's fees to make sure this gets handled properly with no issues that could come back to bite either one of you.

With regards to the Realtor, have you read your listing agreement? Have you asked them?

Good luck to you!
0 votes Thank Flag Link Mon Jul 8, 2013
We both bought the house and pay half of everything. The mortgage is in my name and bank but, we are both on the deed. We were thinking since he is half owner that we could take it off the market and he could refinance the home so, everything could be put in his name and he would just pay me my share of what we would make from selling it. We just wanted to make sure there would be no legal issues since the realator currently has someone with an offer to buy. My thought process is since he is half owner then we are really not selling it and that we just need to pull it from the market. Any thoughts on this would be greatly appricated!
0 votes Thank Flag Link Sun Jul 7, 2013
No legal ramifications if you haven't both signed the offer and returned it to the buyer. Unless a deposit (consideration) was not received from the buyer.
Flag Sun Jul 7, 2013
Have you accepted the offer? As in did both of you sign an agreement of sale and deliver a signed agreement to the buyer side? This would be acceptance on your behalf and you would be committed to selling the property.

I guess what you are indicating is your brother wants to keep the property?
Your realtor should clarify all of this for you.
Flag Sun Jul 7, 2013
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