document to allow us to sell a property

My husband and I co-signed a mortgage with a nephew on property. He stopped
making payments in 2011 and we have continued them. What documents can we have
him sign to allow us to sell the property and get back the moeny we have been
forced to pay. We ARE listed on the deed as well thankfully.

Asked on June 5, 2018 under Real Estate Law, Florida

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 2 years ago | Contributor

He can give you a power of attorney specifically giving you the power to market, sell, and/or otherwise dispose of the property, as well as giving you the power to sign and papers and take any steps necessary to do those things.
To make sure you are made whole for you payments, and he does not get an unfair share of the proceeds, he should also enter into a written agreement with you in which he agrees to allow you to receive from the sale proceeds reimbursement of all amounts you paid out for the mortgage before any remaining balance after that is distributed among the owners (including him). In this agreement, the "consideration" or thing of value you give him to create an enforceable contract will be that in exchange for him agreeing to your reimbursement, you will give up your right to sue him for any amounts which he should have paid but did not.
A real estate attorney should be able to help you draw up those documents.

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 2 years ago | Contributor

He can give you a power of attorney specifically giving you the power to market, sell, and/or otherwise dispose of the property, as well as giving you the power to sign and papers and take any steps necessary to do those things.
To make sure you are made whole for you payments, and he does not get an unfair share of the proceeds, he should also enter into a written agreement with you in which he agrees to allow you to receive from the sale proceeds reimbursement of all amounts you paid out for the mortgage before any remaining balance after that is distributed among the owners (including him). In this agreement, the "consideration" or thing of value you give him to create an enforceable contract will be that in exchange for him agreeing to your reimbursement, you will give up your right to sue him for any amounts which he should have paid but did not.
A real estate attorney should be able to help you draw up those documents.


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