A lending institution is more likely to loan money when it feels that there is adequate security for its loan. While a lender may make a loan to one person who is to be the co-owner of a home (disregarding the other), most conventional loans require that both owners sign the note and grant the mortgage to secure the loan. (The theory is that payment from two sources is better than payment from one from the perspective of the lender.)
Yes, a person can sell the real estate property he or she owns to anyone (or any entity) that can make the purchase. But there is a practical consideration that must be examined to be able to complete the transaction.
A person can sell or transfer his or her interest in real property, even if it is owned jointly with another. (However, finding a buyer who will purchase a fractional ownership interest in real estate could be a challenge.) See the following information if you need legal forms software documents to offer the property “FSBO” … Read more
Sometimes a person can gain full ownership rights to a home from a Separation Agreement or a Divorce proceeding. But what if the Deed to that home still shows both names of the divorced couple on it, and the newly single owner wishes to sell it?
Searching title records prior to filing a quitclaim deed is a good idea, to see if becoming the owner of a property might also cause you to become liable for third party claims. But a title search doesn’t have to be expensive — in fact, it can be “free”.