Mortgage Buyout Agreement With Spouse
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If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
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FAQ
Remortgaging to buy your partner out If you're unable to pay your partner off in cash, you'll need to raise the money another way. Remortgaging is a common option for buying out a partner in a mortgage. Essentially, this means taking out a new mortgage to release some of the equity in the property.
You have a mortgage for $200,000 on the house, meaning you have $300,000 in shared equity. Divide that number in half, and you will see that each of you has $150,000 in equity. To calculate the amount of the buyout, the formula is this: Equity/2 plus any debt (since you would be assuming the debt by yourself)
To calculate the buyout you'll need to use the following formula. Equity divided by two, plus any debt, as you'd be assuming the debt alone. So in the above example, you'd need to pay your spouse $150,000 and assume the $200,000 mortgage. If you're refinancing you'll need a new $350,000 loan.
However, a buyout?where, in exchange for something of value, one spouse retains the house and the other is removed from the title and mortgage?is a better option in some circumstances when the spouses can agree on the terms. (In the absence of an agreement, most courts will simply order the couple to sell the home.)