If your common law married and own a home together, how does one go about buying the other person out to get their name off the mortgage?
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If your common law married and own a home together, how does one go about buying the other person out to get their name off the mortgage?
Asked on November 19, 2011 under Real Estate Law, Texas
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
Good question. If there is a common law marriage (assuming the state where the property is located recognizes common law marriages), the way one owner of a piece of property buys out the other owner to get his or her name off of the mortgage is as follows:
1. agree upon a written purchase agreement signed by all parties with an established escrow.
2. the buyer obtains a loan to purchase out the other person's interest as well as revise the current loan presumably existing.
3. a new loan is placed for the property where the prior loan is removed and a new mortgage is placed securing the new loan. The old loan with the bought out seller is now retired and the person who bought out the other owner is now solely obligated on the new loan.
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