Hi,
1) This is possible.
2) You have to discuss with your divorce lawyer how to word this so as you only need to pay $800k to your spouse. Even though he owned a 50% share.
3) Your spouse has to agree to the same so as to submit the same agreement from his lawyer's end.
4) The final court order will include this portion so that you only need to pay him $800k.
5) You have to satisfy the TDSR assessment to increase your current outstanding loan to include this additional amount.
6) You will have to speak to the banker to ensure you passed the TDSR assessment before you get the divorce lawyer to work on the agreement.
7) If come to a situation where you are unable to buy over his share, you may consider selling the property and splitting the $800k from the sale proceeds to your spouse.
Hope the above answer your main concerns, but if there are more query, please feel free to contact me at
90110636
, or email: ling.ck7@gmail.com if more information is needed.
I'll be glad to assist.
Best regards
Ling CK
90110636
ling.ck7@gmail.com
https://R056727F.propnex.net/
https://www.facebook.com/Homesellerbuyer
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