Transferring Ownership

[litlmike]

My jurisdiction is: California

Me and my friend purchased a home together in California in 2005. On our Title, we have equal ownership. On our mortgage, she is the primary account holder and I am the secondary (it worked better this way because her credit score was better). When it comes to paying the mortgage, I pay 80% and she pays 20%.

Now that I am married, my friend would like to absolve her name from any ownership of the Real Estate and Mortgage, and transfer full ownership and responsibility to me. How do we accomplish this? Will there be any fees or taxes involved?

Notes:
1) She does not want any money from this 'transaction'
2) My Husband does not need to have his name on the title/mortgage

Thanks!

 

[dee_dub]

She can take her name off title by quit claim, deed of gift, or whatever comparable instrument works in your jurisdiction. That's the easy part. She can see a lawyer to draft it up, and pay the filing fees.

She can only get her name taken off the mortgage with the agreement of the other parties, i.e. the lender and you. So you'll need to talk to the bank. They may be reluctant to allow her off the hook, especially since she's primary and had a better credit score. They might be willing to replace her on the mortgage with your husband.