Strange Real Estate Transaction – Need HELP?
I asked this question a few days ago but not sure I put in all the pertinent details so here we go again:
I own a house with a business partner. The mortgage and deed are only in my name and we have a separate agreement spelling out the partnership and rights. I need out of the mortgage and he will willing to take me out. I am giving up my equity in the property to achieve this result.
Option 1 – He could purchase the property from me for the current loan amount but he doesn’t want to come out of pocket another 20% to do this. The only way around it is to take a loan based on the market value then return the equity to him after close. This will certainly appear to be fraud even though that is not the intent so I am leaning away from it.
Option 2 – Add his name to title via quit claim and have him refinance me off the mortgage. He has been an owner from day one just not on title.
Is option 2 legal?
Any other options you guys can think of?
Option two is legal. However, the mortgage company may require that he be on title for at least 6-12 months before letting him refinance.
Lembaga Tabung Haji and AmanahRaya Bhd in real estate investment joint venture
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