Navigating Your Way Through A Property Buy-out
A mortgage buy-out is necessary when one or more property owner/s pay out the other’s share of the property’s equity, so that the co-owner/s can be released from the mortgage and removed from the property deed.
We looked at this and more in our webinar all about navigating your way through a property buy-out.
Let’s look at some property buy-out examples
- A relationship breakdown such as divorce/separation when one spouse desires to wholly own the marital home by buying out the departing spouse.
- Co-ownership arrangement ending. E.g. two friends purchase a property together for qualification/affordability purposes and after a period of time the one buys the other out.
- Parental help ending. This is similar to point 2, but instead of requiring to be bought out, the parent is removed from the deed with a buy-out procedure.
- Investment property buyout. An owner “sells” his/her interest in a property to the other owner/s.
How buy-outs are different:
Principal/Secondary Residence Mortgage Buyout Program Guidelines:
When it comes to separating from a significant other, life can get complicated. Don’t make an already difficult situation worse by not taking the right steps. If you need help with a property buy-out, chat to us. We’re here for you.