So I'm one of those dingbats that went and purchased a home with a significant other, and now it's not working out, so I am moving on. I've learned my lesson so don't yell at me, k? We have worked out the financial end, and he will be borrowing money from family members to buy me out. He cannot refinance because most of his income is derived from cash, therefore his financials show him not making enough money to qualify for the mortgage himself. This is, however, causing two issues for me....
1). He told me he REFUSES to give me my payout money, which I need in order to move out, unless I sign a quitclaim deed.
We are both on the mortgage, with me as the primary person because my income allowed us to get the home.
I KNOW better than to give him a quitclaim while my name is still on the mortgage, but he refuses to give me my payoff unless I do. Isn't there some type of law about signing a quitclaim under duress? Is there some way I can notify the county/township ahead of time that they will be receiving it, and not to file it cuz it was done under duress?
I'm able to get a NEW mortgage for a new home because I am making him sign a lease agreement. I have put wording in regarding my right to Partition under Michigan Law, also. I've also put wording in that should he or anyone he allows into the house get into any accident or injury, I am not liable because he's to maintain homeowners insurance. I've made the lease "automatically renewable" until such time as he refinances or we sell the property.
I hope that will cover me. I can email it to anyone with the knowledge to look it over and let me know if it's okay.
2). My second question is pretty much an "opinion" probably....but, I appreciate your opinion so here goes
Our "deal" was we would each get back our downpayment plus half of whatever equity is in the home if we break up. He has agreed to most of the figures, but what ISN'T agreed on is the money I put down for the homeowners insurance, which was almost $1000 (I also paid the taxes, but I'm not worried abotu that). I paid that before we could close. Our deal was he paid the house payment, and I paid all other expenses for the time we were together. That money I put out for the homeowners insurance is part of my downpayment, and technicall HIS EXPENSE since it's included int he payment. He won't see the logic that it is paid AHEAD and claims he won't reimburse me (even though it would be RETURNED upon the sale of the house). Opinions as to whether you think I should receive that money.....and if you do, I can contact the homeowners insurance company and just cancel it and have them send the refund check to me and contact him to work out a new policy, but he won't be happy.....