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Four Own the Building |
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There are 4 partners owning a commercial building. One partner wants to be bought out. There is someone outside the 4 partners willing to pay the buyout and become the 4th partner. Does the building need to be refinanced to change the names on the mortgage and the deed? |
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Changing the names on the deed is a simple and straightforward business. The mortgage is a more complicated matter. I doubt if a refinance is necessary, but the partners should certainly consult the lender to find out what documentation, if any, is required. I trust the one who's selling realizes that he or she would still be liable on that old mortgage until it is paid off, even if no longer an owner.
A partnership like that should have its own lawyer and CPA, and those are really the ones to answer questions. |
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Edith
Originally published on September 17, 2007 |
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