QUESTION
What do I need to do to be sole owner of house that my sister and I bought as co-owner?
Asked on Feb 24th, 2014 on Estate Planning - Michigan
More details to this question:
I bought a house a couple of years ago along with my sister. We are both co-owners, but I have been paying the mortgage since the beginning. Now I want to get the house solely in my name. What is the easiest way? If at all that I have to go for refinancing, do both of us have to be physically present for our signatures. The thing is we are all in different places now. The problem I may face is in getting her to come along with me, further delaying the process for years. It will be me running around and doing all the work and just getting her signature on relevant documents suffice? How does it work with the title changing company?
16 ANSWERS
The easiest way would be for her to sign a deed giving her interest to you. Otherwise, you would need to sue her for reimbursement of the amounts you have paid.
Answered on Feb 26th, 2014 at 5:12 PM
2 Awards
She will definitely need to sign off. She does not necessarily have to be present with you. You can have the documents prepared and send a mobile notary to her to have her sign off.
Answered on Feb 26th, 2014 at 5:10 PM
Probate Attorney serving Newport, OR
at
Minor, Bandonis & Haggerty P.C.
Update Your Profile
She owns part of the house. She has to sign, and deliver, a deed transferring her ownership to you. Or, you can sue her for partition, in which case the probable result is the sale of the house and division of the proceeds.
Answered on Feb 26th, 2014 at 5:09 PM
Your sister will need to sign a quit claim deed after the two of you determine what her share of the property is worth and how much she is willing to sell it to you. After that you will need to get her name taken off the present mortgage or take out a new mortgage. You should be able to send her the documents, have her sign and notarize them, and then return them to you for filing.
Answered on Feb 26th, 2014 at 5:09 PM
Edwin K. Niles
This is not about the loan, it's about title. She needs to sign a quit-claim deed and a PCOR, then you can record and file them. The loan can stay in place.
Answered on Feb 26th, 2014 at 5:09 PM
Creditor's Rights Attorney serving Clayton, MO
at
Fluhr & Moore, LLC
Update Your Profile
All you need is for your sister to sign a quit claim deed in the presence of a notary public and file the signed deed for record in the recorder of deeds office. If she is on the financing, it will not remove her from obligation, but since she is comfortable with you paying now, it should not matter.
Answered on Feb 26th, 2014 at 5:06 PM
Business Planning Attorney serving Livonia, MI
at
Frederick & Frederick Attorneys at Law
Update Your Profile
There are a few things unstated in your summary. Is your sister in agreement with the house being transferred just to you? If she does not agree, then you will have a whole different set of concerns. If your sister is in agreement, then she can deed the proper to you. She would still remain obligated on the financing, unless you refinance. If you refinance, many of the papers can be signed by you alone, or you can sign for your sister, if she gives you power of attorney. If your sister is not in agreement, then I would suggest that you contact an attorney to help you determine how best to proceed.
Answered on Feb 26th, 2014 at 5:06 PM
Commercial Contracts Attorney serving Boise, ID
at
Peters Law, PLLC
Update Your Profile
You have to buy her out. Or have her sign a deed to her portion of the property.
Answered on Feb 26th, 2014 at 4:55 PM
The two of you can grant to you. Then only you would do the refi.
Answered on Feb 26th, 2014 at 4:55 PM
Trusts Attorney serving Sacramento, CA
at
Law Office of Victor Waid
Update Your Profile
Have a grant deed prepared for sister to sign to you transferring her interest in the property to you before a notary, and record the document with the county recorder which will show the title company in the future will see the title completely in you; this will also aid you with the bank when time to finance.
Answered on Feb 26th, 2014 at 4:55 PM
Thomas Edward Gates
You will need her to sign a Quit Claim Deed transferring her interest to you. If she choses not to, then she can sign a Power of Attorney to you so that does not have to be present for any signings with regard to the refinance.
Answered on Feb 26th, 2014 at 4:32 PM
Appellate Attorney serving Grosse Pointe Farms, MI
at
Musilli Brennan Associates, PLLC
Update Your Profile
You need to have her (and husband) quit claim to you. It will require refi to extinguish her liability on present mortgage, which the current finance company may require.
Answered on Feb 26th, 2014 at 4:31 PM
Commercial Attorney serving Chicago, IL
at
Ashcraft & Ashcraft, Ltd.
Update Your Profile
Your sister would have to execute a deed transferring her interest in the house to you for you to be the sole owner. If both you and your sister have to sign the refinance loan documents because she will not give up her interest in the house, then you should work with the lender to accommodate execution of the documents in separate locals. This is possible but takes coordination and extra time. The lender must be made aware of the time issues and separate notary requirements so they can prepare the documents accordingly.
Answered on Feb 26th, 2014 at 4:28 PM
Taxation Law Attorney serving Glendale, CA
at
Irsfeld, Irsfeld & Younger LLP
Update Your Profile
All she needs to sign is a deed, which must be done before a notary public. No need for you to be there. Be sure she knows she must file a gift tax return.
Answered on Feb 26th, 2014 at 4:27 PM
The easiest way is a quit claim deed from your sister to you making you the sole owner.
Answered on Feb 26th, 2014 at 4:27 PM
3 Awards
She would need to agree to transfer it to you and sign a deed doing so. She may require that you refinance it to transfer title so she is no longer responsible. Alternatively, ash may not agree.
Answered on Feb 26th, 2014 at 4:27 PM