Q: I own a house with my ex and I’m still on the deed not the loan. I want to be bought out can I legal do that?
Yes, you can be bought out. Your ex will, likely, have to refinance to come up with the cash to pay you. It is in the settlement of that refinance that you can be removed from the title and a new deed showing your ex's ownership of the property.
Good luck in your future endeavors.
A: Two co-owners may negotiate a buy-out. This pre-supposes that one is willing to sell. Does your divorce decree or settlement agreement describe the timing or mechanism for disposition of this asset? If not, you are left to file a lawsuit for partition if ex does not agree. The law doesn't force you to be an unwilling business partner. For lack of agreement, the court can appoint a trustee to take control of the asset, sell the asset, and deposit the net proceeds with the court. Often, the mere threat of such a cumbersome lawsuit prompts the parties to negotiate a more reasonable outcome.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.