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Splitting with partner. How do I get my share of the house?
My partner and I own a house together. However, I paid the entire downpayment. We're splitting up and my partner is insisting that we split the proceeds 50/50. But I should get a bigger percentage of the sale, since I paid the downpayment. What are my options for getting my fair share? If my partner refuses, do I need to hire a lawyer?
Asked By Collin | New York, NY | 258 views | Selling | 8 months ago
Answer(3)
Julianne Clark | Your Lowcountry Compass
Charter One Realty
I am sorry to hear that your partnership is not working out Collin. If the property split cannot be resolved between the two of you -- then, unfortunately you should get an attorney involved to protect your interested in the investment. Did you split mortgage payments and household costs? That would entitle them to a share of profit from selling. If you paid the initial deposit -- it is reasonable that $$ should go back to you in the division. Another alternative is keeping the property (if you can afford too) and your partner leaves. Have a value assessment completed (usually an appraisal or Realtor CMA) and calculate appreciation. That amount would be divided. I would also calculate and remove selling deductions before splitting -- like real estate commission and other transfer and closing fees that would be charged if you outright sold. (If both names are on the deed and mortgage -- there will be additional costs in having their name removed.) Selling may be the easiest route...
- 8 months ago
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Arlene Modarelli
Fathom Realty
You should go speak with a Attorney to discuss the issues. Is the Deed in both names?
- 7 months ago
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Erika Stewart
NextHome Beyond Keys
I would consult an attorney.
- 8 months ago
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