Hi everyone! I have a question about buying out my ex’s portion of our house, which is in both our names. I’ve been paying 80% of the mortgage and all the utilities since we separated last year. Now I’m looking to buy them out, and we agreed on paying them based on our contributions. My question is: should I pay them 20% of the equity or the current value of the house? They think it should be the current value, but I feel it should just be the equity since I’m taking over the mortgage alone. We’re in Florida, by the way. Also, how do these payments work? Can I just write them a check when we agree on a price? I know I need to contact a title company to revise the title, but is there anything else I should do? Do I need a lawyer, or is it straightforward since we separated amicably? Lastly, can I deduct the 5% down payment I made since they didn’t contribute? Thanks so much for any advice!
I think it’s more fair to pay them based on the equity since you’re the one taking over the mortgage. Good luck!
Yeah, I’d also say equity makes more sense. Just make sure you both agree on the numbers first.
For payments, a personal check sounds fine! Just make sure you have everything documented.
Dakota said:
For payments, a personal check sounds fine! Just make sure you have everything documented.
Totally! Keeping records will help in case any questions come up later.
I’d recommend at least talking to a lawyer, just to cover your bases. Better safe than sorry!
You should be able to deduct your down payment from what you owe them since they didn’t put anything down.