Legal Question in Real Estate Law in California
drawing up a contract
me and my fiancee are splitting and we bought a house, now i want the house he doesn't and he wont deed off cause we can't get him off the loan. If we draw up a contract would we beable to use that if something happens and i didn't take him off he can use it against me. Please advise thats the only way he will deed off the home and i want my parents to be on the deed with me, but they won't unless he's off.
2 Answers from Attorneys
Re: drawing up a contract
Well, whatever you do, it should be documented in writing, and I strongly recommend that you (and/or your parents) hire a lawyer to write the contract after you have explained to the lawyer what the deal is that needs to be documented. The lawyer will make sure that the contract will carry out your wishes and he or she may be able to suggest deal terms and concepts that the parties themselves might not think of. Also, it may be necessary to involve the lender in the process. The lender may or may not be willing to substitute your parents for your "ex" as a co-borrower, but in any event you don't want to make any changes in ownership without the lender's knowledge and consent.
Re: drawing up a contract
You can do anything you like with the deed. Nothing you can do releases him from liability on the loan, unless you pay it off. A contract between you only creates a basis for 'cross-complaint' by him against you if he gets sued by the lender. He already has that right, but the contract would specifically describe your agreement.
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