How can a co-owner of a house protect their interests if they move out?
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How can a co-owner of a house protect their interests if they move out?
My ex-boyfriend and I bought a house a few years ago, both our names are on the house. Now, we have broken up and while we are still friends but we cannot keep living like this, too much tension. He makes a considerable amount more money then I do, plus I do not want to live in this city, so I want to move out and he will take over the house. s there a legally binding document that he can sign to hold him to “buying me out of the house” at a decided upon amount, whether it be monthly payments or larger amounts spread over a year or so. I could go live with family if need be but I’m afraid once I leave lock, stock and barrell from this house and he doesn’t pay I will be out a lot of money; even if I don’t sign “off” the house.
Asked on April 16, 2012 under Real Estate Law, Ohio
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Since you have your name on legal title to the home that you are writing about, you have an ownership interest in it that cannot be taken away absent a deed signed by you or some court order arising out of some lawsuit with your ex-boyfriend.
I suggest that you consult with a real estate attorney about you and your ex-boyfriend signing an agreement that gives you an option to buy out his interest in the home for so much within so many years with certain terms such as interest rate being carried by him under a promissory note signed by you secured by a mortgage.
You are wise to get the issue about the home before you move away from the area where it is located.
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