More details to this question:
I am on the deed 50/50% with my business partner How can my name rid of from the deed of a condo in Jersey City,NJ My business partner have the mortgage on his name and still have 23y out of 30y Until today I am up to date share all of costs(mortg.,maint.fee etc) I will move out of the States end of year. I won't be able to continue after that any type of $ support of the condo. That's why I like my name to get rid of somehow of the deed. What can I do? what he can do against me?
1 ANSWER
William Mack
The facts are not clear from your description so it will be hard to provide an answer. Is the condo worth something, even with the mortgage? If so, you should be paid for your interest if you deed your interest to your partner (this is the same as "taking your name off the deed"). If the amount owed on the mortgage is more than the condo is worth, then your partner may be unwilling to have you off the deed, since you have been paying half the maintenance and mortgage payments.
Why do you want to get off the deed? Maybe you can negotiate with your partner to sell the condo and take half the proceeds after paying the mortgage. Maybe you can negotiate to have him take over the payments but be repaid out of sale proceeds when it sells. But without your partner's cooperation, there is not much you can do.
Answered on Jun 12th, 2014 at 4:44 PM