What to do about joint ownership and leasing agreement?
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What to do about joint ownership and leasing agreement?
My parents jointly own my property. They are on the mortgage and deed. The reality is that I pay, insure, and take care of it myself. They were only put on the mortgage to get the loan. I am working with a property managerwho is insisting that my parents be on the agreement since their name is on the deed. They don’t want to sign a quit claim deed since they are still “responsible” for the loan but would prefer to not have to deal with the lease/ property manager thing. How can we get around this or is it not even a requirement?
Asked on February 8, 2011 under Real Estate Law, Colorado
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
Listen, the property management company is just protecting itself by asking them to sign the agreement. They - the management company - have every right since your parents are technically the owners of the property as well. And your parents have every right to refuse. You may not be able to get around it unless you see of your parents would sign it but you will agree to sign a hold harmless agreement with them as to the contract. I honestly do not think that that does anything more than buy every body a lawsuit if something goes wrong but it may be an option. Otherwise, you may be out of luck. Try a different approach: ask your parents to start to help maintain the property as well. Or tell them that it is becoming too cumbersome to do everything yourself financially and otherwise. Maybe they will soften up.
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