In Georgia, what process needs to occur to buy out the second home owner?

Question

I am on the deed of a home with someone else. We own the home outright. He wants out of the house so I proposed paying him what he is asking for (without the use of a bank). What else do I need to do to get the house in my name solely?

Answer 1

In Georgia the escrow closing agent are attorneys. Therefore you should contact an escrow closing agent to prepare and draw up the necessary deeds used in Georgia. You should also make sure that a title company is involved so that the title can properly be transferred.

You will be required to bring the funds for the other person, this other person must be willing to sign the title deed in this escrow.

Once this has happened the escrow will close and the property will properly be transferred to you in your name only.

I hope this has been of some benefit to you, good luck.


"FIGHT ON"

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Answer 2

he will need to issue you a deed in return for whatever you are paying him. I suggest you get an attorney or title company to help with transaction. It will be a few hundred dollars but you do not want to do this incorrectly.

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Answer 3

Have an attorney prepare a deed from other party to you
Have him/other execute deed and have attorney record it
Have attorney prepare transfer declarations. .may be exempt from transfer tax, may not be . . . . .check it out

Since you own the home outright, it is fairly simple process, but use attorney to make sure it is done correctly. .wise investment of money to save having problems later

Source(s):

real estate investor

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