Name and title of home. But not on mortgage
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Name and title of home. But not on mortgage
Name and title of home. But not on mortgage. My fianc and I are no longer
together and my name is still on the title of the home that we purchased. There is
70,000 at least in equity since we have bought it. Is it smarter for me to keep my
name on the title as an asset. Or to see if they will buy me out. Can they just take
my name off the title of the home without my consent? Do I have any recourse or
any rights.
Asked on June 28, 2018 under Real Estate Law, Florida
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
1) Being on the title, you are an owner of the property.
2) You cannot be removed from the title without your consent; that gives you leverage to negotiate a buyout, if you choose.
3) If/when the property is sold, after any costs of sale are paid and the mortgage or HELOC or any liens paid off, the remaining proceeds are split among the others.
4) Any owner of real estate can force a sale if he/she and the other owner(s) cannot agree as to what to do with the real estate. This is done by bringing a type of legal action traditionally called an action "for partition" (though your state may have a different name for it). After costs of the legal proceeding and sale are paid and any mortgages, etc. paid off, the proceeds are split among the owners. The law gives you this recourse because it does not allow your co-owner(s) to keep you locked into and invested in a property against you will. The case can be settled by a voluntary buyout. To explore this option, consult with a real estate attorney.
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