I have a four-year relationship, which has ended. The problem is that we bought a home together three years ago and now have to either sell or one of us has to relinquish to the other. I am a 36-year-old female with two children from a previous marriage. I could probably afford the house and all the other related expenses, but he does not think the bank will put the house in only my name. We also have a loan we are paying off for a newly remodeled kitchen. He also states that because we have the remodeling loan, we would not be able to sell the house until that is paid in full. I'd appreciate any advice you could offer.
Dear Need advice,
It's very stressful when a relationship ends, especially when it involves the division of property. For most Americans, a home purchase will be their largest financial investment.
Generally, there usually isn't a problem with one co-owner selling to the other, or both selling to a third party. But problems can arise, such as when total loans exceed the value of the property. For your own protection,
when dealing with financial transactions of this magnitude, always use an attorney. In this case, choose a specialist in real property law.
To find real estate Law attorneys by state, see http://lawyers.findlaw.com/