QUESTION
can i get my ex off the deed (not married)
Asked on Oct 24th, 2024 on Real Estate - Michigan
More details to this question:
Trying to get a home equity loan to fix up my house but i bought it with my ex (not married) and we are both on the deed as tenants in common, he refuses to sign a QCD so that i can qualify for the loan and in the mean time the house is falling into disrepair, its been 15 years and he doesnt live there and hasnt since march of 2010. I offered to pay him because he did put down 27k when we bought the house and our original agreement was that i buy him out at no more than 40k once our kids were all grown, which they are. He now wants 100k as his buyout but when i had the local real estate agent come out she did a comp package and the house without repairs is only worth about 80k. I am stuck with a leaking roof and sidiing that is rotting and i dont have the 40k on hand to fix these issues without an equity loan. i need help. thank you,
1 ANSWER
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if he does not give you a deed you can go to court and sue to divide the property
issue is that unless you can show a writing showing he agreed to the buyout in writing, you don't have much of a case.
that said, he is a tenant in common and that means:
if you can raise the money to fix the roof, it comes out of his share at sale.
this might force you to sell the property but you can take a lien against him for any repairs and any costs, like taxes, that he is half responsible for- no one gets to own real estate for free- there are costs and maintenance
Answered on Oct 27th, 2024 at 4:54 PM