California  |  Real Estate Law

Re: property buy-out

I recommend the use of an escrow. An escrow company will hold the deed and the loan papers until everything is signed, then accomplish the change of ownership and transfers of money from the new lender to the old lender with excess divided between the two of you.

I practice this type of law in Northern Calif. and I know escrow and title practices differ a little in Southern Calif., so I suggest you go to one of the big escrow companies in your neighborhood and schedule an appointment with an escrow officer to explain your needs and have them describe their services. The proposed new lender should be completely familiar (and comfortable) with this process, and as long as you and your ex can continue to co-operate, all should go smoothly.

Re: property buy-out

This can all be done through an escrow company. You will be protected using an escrow company. Lender will understand. I would not recommend you sign over anything unless properly handled. Call to discuss.

Re: property buy-out

simple. have him sign a promissory note for the amount of money he's agreed to pay. then record the promissory note on the property. you can exchange the deed (your transfer to him) in exchange for the promissory note. when he refies, the bank will require the promissory note to be paid.

let us know if you'd like our help. the process is relatively simple and inexpensive.