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When a party leaves, the remaining owner might buy out their share of the equity, meaning they would pay the departing party an amount equal to their share of the property’s current value. This can happen for various reasons, such as a breakup, divorce, or a decision to sell the property. The buyer would then assume full ownership of the property, and the departing owner’s name would be removed from the title.

This process can involve the following steps:

1. Valuation of the property: The property is typically valued by a professional to determine its current market value.
2. Agreement on the buyout amount: The remaining party and the departing owner agree on the amount the remaining owner will pay to buy out the departing owner’s share.
3. Transfer of title: The legal title of the property is updated to reflect the new ownership structure.
4. Financing the buyout: The remaining owner may need to arrange financing, such as a remortgage, to fund the buyout if they do not have sufficient funds available.
5. Legal paperwork: The transfer of equity is formalized through legal documents, such as a deed of transfer, and is recorded with the land registry.
6. Settlement of liabilities: If there are any outstanding mortgage payments or debts associated with the property, these would need to be addressed as part of the buyout.