Being a realtor with Prudential Fox and Roach, we have an affiliated mortgage company , Trident Mortgage, and a title company, Trident Land Transfer Co. right here in Ocean City so we canprovide "one stop shopping" to do all of these things. Feel free to call anytime on my cell phone 609-665-2031 to discuss further. Best wishes and good luck.
I suggest that you call a local Ocean City real estate attorney for the deed tranfer and speak to your accountant about any tax issues related to you and your partners property. I can reccomend a good one if you would like me too. Email me at Kenfowser@comcast.net
You are getting accurate advice from both Deborah and Rick. Your tax implications can only be answered by your tax preparer but if you prepare your own taxes, definitely seek advice from an accountant. I agree with Rick, your biggest obstacle will be the appraisal for the refinance. If you are $40K "underwater", you may need to bring money to the table in order to refinance. First I'd attempt to have a Realtor give you a realistic value of your home before you start any process with the lender or pay for an appraisal through the lender. Let me know if I can be of service to you and I'm happy to guide you through this process. Kevin Redmond, Broker/Salesperson, Ocean City Realty, 609-513-6220, firstname.lastname@example.org
For recommendations or Real Estate Expertise call Rick Adams, 609-399-7100, email@example.com
Yes, you can do a Quitclaim deed, and you can prepare one yourself (not recommended if you are in unfamiliar territory), have a title company prepare one for you, or hire an attorney.
You should understand deeds fully and the ramifications of your decisions before embarking. The exact impact will vary in each person's circumstances.
The refinancing options will vary by lender and seasoning may determine your options. How long your name has been on the title may impact your choices for refinance.
I suggest that you speak to a mortgage rep and find out what refinance options are available to you. Before proceeding with decisions, speak with a tax professional adviser who will tell you the impact of your actions. Chat with an attorney to find out if a quitclaim deed meets all of your needs. A quitclaim deed does not carry any warranties with it. A lender will require title insurance and full title search before a refi.
1) Lender First - Learn available options
2) Tax Advisor Second - If you pursue one of the available options, what are the tax implications?
3) Attorney - Get legal advice on the plan before execution.