How do I protect myself in a buyout if payments stop? | NC

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Q: How do I protect myself if I agree to a buyout and the other co-owner stops making payments? A: The safest approach is not to hand over full ownership based on a promise alone. If the buyout will be paid over time, the deal should be in writing and should include the full price, the payment schedule, a firm refinance deadline, who pays the mortgage, taxes, and insurance, and exactly what…