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    tremjoc's Avatar
    tremjoc Posts: 1, Reputation: 1
    New Member
     
    #1

    Sep 7, 2009, 11:40 AM
    Quit Claim Deed vs. Basis Sale contract
    Hi-

    I own a condominium 50-50 with a friend of mine. He wants to buy a house on his own and sell me his half of the unit so we can take his name off the current Mortgage.

    1- I applied with our original Lender to "buy him out" and they proceeded with a refinance for me to pay the full mortgage under my name with a better rate etc. I can financially afford the new mortgage and condo fees and taxes. My lender told me that all I have to do is have my friend sign a Quit Claim Deed for him to resign of any interest in the property. That's it.
    Between my friend and I we were going to agree on a price and share expenses for the portion of municipal taxes etc.

    2- We consulted with our real estate attorney who helped us originally but I feel he is confused or making things to complicated for what it is. He is saying that this is a sale and that we should have a contract with a closing etc. Just a lot of additional fees, I feel, for something simple...

    What is your opinion ?
    hkstroud's Avatar
    hkstroud Posts: 11,929, Reputation: 899
    Home Improvement & Construction Expert
     
    #2

    Sep 7, 2009, 12:55 PM

    My opinion is that you have made a pretty fair assessment of the lawyers motivation.

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