My girlfriend of 4 years and I have decided to break things off. We bought a place together last year, but since the housing market is so hard to get into I'm not willing to sell. She's willing to have me buy her out, but I don't know how much is fair.
So far we have paid about $9000 towards the mortgage, which means if I were to buy her out she'd only be owed about $4500. This means that she is getting back less than what we both each initially put into the down payment, but because of all the fees and everything else associated with buying a house, not all of our money went towards the mortgage.
Is $4500 a fair amount to by her out, or does she deserve more since I'm keeping the place?
2006-07-04 14:50:00 · 10 answers · asked by aqsgtriad 4 in Family & Relationships ➔ Marriage & Divorce
I'm not an expert (you probably really should talk to a lawyer) but if both your names are on the deed, title....whatever its called...then I think you have to get the house appraised and you would owe her 1/2 the value of the house. That's what would happen if me and my hubby got divorced (in the state of TX). I don't think down payment and mortgage payed would come into it in this case.
2006-07-04 17:53:31 · answer #1 · answered by beth l 7 · 2⤊ 0⤋
How about this..split all the closing costs. Pay her back half. Have the house Comped by a realtor...a fair market appraisal of current value. Subtract the mortgage balance from the comp and split the difference, pay her the difference. IF you are only going to do one, do the comp-mort balance...that is fair. After all, you all paid the closing and that is water under the bridge. As for the interest paid, it would seem that you both probably benefitted at tax time, so that, too is water under the bridge. BUT you may be very surprised at just how much you owe here...real estate has appreciated a bit during the last two years. IF you cannot afford it, sell the house and split any profits...won't be much after realtor's commission. Good luck.
2006-07-04 15:21:53 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Depends on whose name is on the deed. Assuming both your names are, then she is entitled to one half of the equity the house has accumulated from the time you bought it [Escrow closed] and the time you call it quits.
That may seem easy to calculate, but it can be a VERY subjective number, depending upon a number of factors including what state you reside in, how equitable the break-up is, the current market in your area - for the past year - and more.
Good luck.
2006-07-04 14:55:48 · answer #3 · answered by Anonymous · 0⤊ 0⤋
you ned to get a lawyers advice on this. SHe can come back at you and yo would be in the soup. Talk to a lawyer. The $50 you spend for a counseltation is worth the long headache later.\\
Check out the following website. It could offer some insite to your problems. It also give a birdseye view of a guy's psyche.
http://www.condomsbrasandstraightjackets.com
Good luck
2006-07-04 16:05:15 · answer #4 · answered by hoyhoydc 3 · 0⤊ 0⤋
I commend you for your fairness and not wanting to screw her over. It only strengthens my conviction that there are many very nice guys out there still!! $4500 sounds fair enough...I guess the question is, will she find it fair? It seems as though this may be a mature and amicable split, ask her if she feels this is fair and go from there. Best of luck to you...the woman who does eventually marry you will be a very lucky one indeed!!
2006-07-05 01:47:04 · answer #5 · answered by auntcookie84 6 · 0⤊ 0⤋
You have the house appraised for it's current value. If it gained in value, which it probably did, then she's entitled to half the gain in addition to half the equity already in the home. And there may be other variables.
2006-07-04 14:55:23 · answer #6 · answered by nothing 6 · 0⤊ 0⤋
I would think 1/2 of what has been paid out already in mortage, fees, closing, etc, plus 1/2 of the appreciated amount because if you were to sell right now, she would get half of that amount anyway.
2006-07-04 15:14:38 · answer #7 · answered by DarthFangNutts 5 · 0⤊ 0⤋
This is more than fair. If she had purchased that house on her own, she wouldn't be getting out of what she put into it if she were to try to sell it herself. So, I think that you are being more than generous in your offering!
2006-07-04 14:54:45 · answer #8 · answered by tieia 4 · 0⤊ 0⤋
listen if the apartment is on your name kick tat girl out and give her NOTHING ABSOLUTALY NADA ZIP ZILCH if you paid for everytin too asta lavista tats not fair to you.. On the other hand youll be like the movie the break up no offence but tats kinda funny well best of luck
2006-07-04 15:20:57 · answer #9 · answered by Rachel 2 · 0⤊ 0⤋
what would you get for the place if you sold it outright? She deserves exactly half of tha amount.
2006-07-04 14:54:06 · answer #10 · answered by jen 2 · 0⤊ 0⤋