Property Buyout Process Explained

Summary

In Indiana, if a mortgage is in one persons name but both are on the deed, both parties have ownership rights. To buy out the other party, the mortgage holder can refinance solely in their name or agree on a fair market value, subtract the mortgage, and pay half of the remaining amount. Your share is typically the equity, calculated by subtracting the mortgage from the propertys market value and dividing the remainder. Consult a local attorney for precise guidance.

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Indiana
In Indiana, even if a loan is in one person's name, both parties can have ownership rights if both names are on the deed. This means you have a legal right to the property. However, it's complex and you may want to consult with a local property lawyer.
If he has the mortgage in his name but we are both on the deed of the house and there’s still a mortgage on the house , how does he buy me out ?
To buy you out, he can:
*. Refinance the mortgage solely in his name, using the new loan to pay off the old mortgage and your share.
*. Agree on a fair market value for the home, subtract any outstanding mortgage, and pay you half of the remaining amount.
Consult a local attorney for guidance.
What is my share of the property is there is still a mortgage owed
Your share of the property would typically be the equity. This is calculated by determining the fair market value of the property, subtracting the outstanding mortgage balance, and then dividing the remaining amount by two. However, it's best to consult with a local attorney for more precise guidance.