Hi there,
Hoping someone can share some experience or knowledge in out situation:
My investing partner and i have purchased a land section and have taken it to aprox 80% development. My investor partner wishes to leave the deal and wishes not to pay any more mortgage installment. I have my father who can buy his share. We tried to refinance the property into a new mortgage to cancel the existing one, but cannot as my finance situation is different (from a high salary employment to self-employed consultation) and cannot meet the requirement to refiannce.
What we want to achieve is to buy out my original partner, so he will have no loss/gain associated with this property now and in the future. In the instance of a sale, he will not be entitled to any profit/loss and this will go to myself and my new investment partner (my dad). With the original partner still being on the property title, we want to have an agreement that spells out all scenarios, when it sells he will be asked to sign the sale and purchase regardless.
Any suggestions, things to consider, maybe specific wording or if you had anything similar would be highly appreciated.
Thanks in advance,
Art
Hoping someone can share some experience or knowledge in out situation:
My investing partner and i have purchased a land section and have taken it to aprox 80% development. My investor partner wishes to leave the deal and wishes not to pay any more mortgage installment. I have my father who can buy his share. We tried to refinance the property into a new mortgage to cancel the existing one, but cannot as my finance situation is different (from a high salary employment to self-employed consultation) and cannot meet the requirement to refiannce.
What we want to achieve is to buy out my original partner, so he will have no loss/gain associated with this property now and in the future. In the instance of a sale, he will not be entitled to any profit/loss and this will go to myself and my new investment partner (my dad). With the original partner still being on the property title, we want to have an agreement that spells out all scenarios, when it sells he will be asked to sign the sale and purchase regardless.
Any suggestions, things to consider, maybe specific wording or if you had anything similar would be highly appreciated.
Thanks in advance,
Art
Comment