Interesting Article in the news today from Quicken Loans: Buying a House with Friends
“In order to remove your name, you’ll need to either sell the house or refinance the loan under the other person’s name. Both are time consuming and costly. You might not be able to sell your home, and your friend might not be able to qualify for a refinance on their own. Like it or not, you might be stuck with your portion of the bill.”
From our experience, many people do not fully appreciate or consider the potential pitfalls of jointly owning property.