There is this property owned by my business partner and me, and we now want to dissolve the partnership and property for him to stay with. The property still has a mortgage on it, I spoke to a few people and so far they said.
He should get a pre-approved loan with his name on it alone.
Sign off the deed to him in presence of a public notary, lawyer, etc.
My question is, am I missing any important steps, and if so, can any body kindly tell me what they are?
By the way, there was no appreciation while me owning it.
I am gifting the property to him, and I don’t want any strings attached.
Those are about the only two steps you can do. Get the mortgage paid off and sign a quit claim deed or a deed with no warranty.
Are you responsible for any other liabilities or cosigner or do you have any other debts.
Close all the accounts you may have with suppliers, vendors etc such as the electric company, hardware company, etc.
You may not be able to get totally away, such as he may not be able to pay off the loan. Try to find a way to limit your risk if this is the case. Perhaps some money in escrow for possible late payments.