Harold Sharpe - Broker
So Cal Homes Realty
California Department of Real Estate Broker License # 01312992
Heather Paul, Realtor
Is the property underwater? If it is then you may have other things to consider besides who is on title (which is important) as there will be tax implications, possible deficiency, and other issues.
What are you goals as a group? Or individually?
Real Estate Advocate
The property is owned bu the people recorded on the title documents. The loan is recorded as a lien on the property so that when the property is sold the loan is paid off.
will require the borrower, the person on the loan. If one or two of the partners no longer have interest; have
the title company prepare a quit claim deed to remove them from title. firstname.lastname@example.org
I agree that if you sell it outright you will need to get all 3 on title to sign. Depending on how the home is vested, individuals may be able to sell their interest in the property. See if you own in as Joint Tenants or Tenants in Common and research these terms. You may have certain rights or responsibilities depending on how you signed.
For more information on which way you signed, you would be best to get an attorneyâ€™s advice.
The names on title show who owns the property and if the property is to be sold, everyone would have to sign in order to sell it. If there are issues regarding the sale and the other people, you should consult a qualified real estate attorney.
Rich Bennett, Realtor
Zephyr Real Estate