My husband and I would like to move into his home that he previously bought with his ex wife. She lives in another state and says she doesn't care if we take over the house because she doesn't want the house. Her name is on the deeds and mortgage and she will not take her name off deed until we can refinance (then she can take her name off mortgage). We are not in a position to refinance and the house needs alot of work because the tenant left it in a horrible state.
Can we get a contract done up with a lawyer to state that even though her name is on deed that she is giving up all rights, ownership, equity etc in the house while we live in and fix up the house. I'm afraid that if I move in the house and use my money to fix up house she will cause trouble later and try to take over because her name is still on deed until we refinance and take her off. I don't want to chance her waiting for the house to be fixed up and then cause trouble and try to force us to sell so she can gain more money from the sale. Please help. I want to live in house but afraid this woman will try something once the house has more equity in it.
1 Answer from Attorneys
You asked this question on another site, too. The answer is the same-- only an executed deed will take her name off title ownership. Now, she can enter a contract to reimburse for repair costs you expend on her behalf, but that is not the same as taking her name off the deed. But you describe a very common problem. You aren't a tenant, and you aren't an owner. You are there with permission of one of the owners, your new hubby.
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