As of Jan. 1, 2020, the Alberta government is including common-law partners and interdependent partners in family property legislation. This will mean they can apply for the buyout programs as well. Previously, friends or family who bought into a home together could not access this program. Therefore they would struggle to buy the other partner out.
The new legislated changes are going to help couples who are parting ways better be able to deal with property issues in the event of a divorce. Divorce and separation are tough enough without fighting over selling mutual assets.
Before considering refinancing, you need to be careful and know what your ability to cover the costs of monthly mortgage payments, fees, penalties, interest, and appraisal fees. Especially when you don’t have a second contributor to the mortgage.
But don’t worry if you find yourself in this position and stressing over refinancing or selling your home. I can help you through the process. With my knowledge of home mortgage programs and my personal experience in dealing with refinancing, we’ll find a solution that works for all parties.