Agent

How to sell 50% interest in a townhouse

Why contacting lender could be a mistake

DEAR BOB: My daughter and another teacher co-own a townhouse. The other teacher is leaving to get married. My wife and I are going to buy her out so our daughter can avoid selling and trying to purchase again in an expensive area. To remove the other teacher's name from the deed and mortgage (preferably leaving only our daughter's name or substituting our names for the departing teacher) do we need an attorney? Or can we sign something in a government office to get her name off the deed? --Dan W. DEAR DAN: The departing co-owner's name will always remain on the mortgage obligation until the loan is either paid off or refinanced. If you contact the lender, the lender might demand a stiff assumption fee, or even demand payment in full because of the title transfer. If I were in your shoes, I would not contact the lender. Purchase Bob Bruss reports online. To remove the departing co-owner's name from the title, when she receives your payment for her equity share, she should sign a quitcla...