Legal Question in Real Estate Law in Florida

quit claim / buying out
I own a home with my boyfriend. He is letting me ''buy him out''. I an obtaining a equity loan in my name for what is owed on the property plus money to give him for his fair share of the equity. He has to quit claim his interest to me now so the deed will have my name only by the time my loan closing with the bank. The bank required this. I do not know exactly how much his share will be until the closing. So my question is, should I just use the consideration of $10 on the quit claim deed since I have to file it now and do not know what I am giving him out of my equity loan? And since this is not a conventional mortgage but a equity loan, do I even need to pay doc stamps on the monies I am giving him?

Asked on 7/17/08, 10:30 am

David Slater David P. Slater, Esq.

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Re: quit claim / buying out

There are no doc. stamps on an equity laon.

Answered on 7/17/08, 10:41 am

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