When my in-laws had to move out of their expensive property tax state of NH to NC, my wife and I put in $25,000 and became part-owners of their house, and pay our percentage of all expenses (actually, much more). Now, they want to apply for a state program for exemption from part of their property taxes, and our ownership will make this more complicated.
My wife and I were thinking of getting off of their deed entirely. While we certainly do want our money back, we trust her family that when things are liquidated, that this will happen. And we know that many people will advise against this, but this is not our question. We are only looking for our principal back, nothing more. We will continue to pay our portion of all expenses, regardless.
My only real question is: what is the best way to get us off the deed? Is that a "quit claim"? Is that something that a lawyer must draw up, or can a title company do it?
Basically, I would love to hear from anyone who has done something similar.