[KY] What form do I use to create a buyout agreement for a home loan assumption?
Hello, I need to draft what the loan company called a "buyout agreement" for a home loan assumption. Currently, my husband and mother are on the loan. We are removing my mother, and there will be no money passed. Which form would I use?
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If your mom is also on the deed, it would be a form that looks like this:
Buyout Agreement for Jointly Owned Real Estate (LegalWritingExperts.com)
For the agreement, it has to reflect that no payment will be exchanged for the property. The form linked above shows a buyout agreement, which allows you to reflect the change in ownership interest properly.
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Hello, I need to draft what the loan company called a "buyout agreement" for a home loan assumption. Currently, my husband and mother are on the loan. We are removing my mother, and there will be no money passed. Which form would I use?
Lexi, Chatbot
Is there anything else the Lawyer should know before I connect you? Rest assured they’ll be able to help with your buyout agreement.
We also have to process a quitclaim deed in the state of KY.
Elizabeth
Hi there! Welcome to AskALawyer. My name is Liz and I’ve been an attorney for more than a decade, and I am here to assist with your concerns.
So I can best help — is your mother also on the title, or just the loan?
Elizabeth
If your mom is also on the deed, it would be a form that looks like this:
Buyout Agreement for Jointly Owned Real Estate (LegalWritingExperts.com)
For the agreement, it has to reflect that no payment will be exchanged for the property. The form linked above shows a buyout agreement, which allows you to reflect the change in ownership interest properly.
Elizabeth
I hope I was able to help with your situation! If you have any other questions, feel free to ask.
Elizabeth
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