You are here:

Buying or Selling a Home/how do you sell your half of a house to the co-owner?

Advertisement

Expert: - 7/5/2006


Question
Dick, I am closing on a house that will be co-owned by a friend. When it comes time when one needs or wants to move, at what cost or value does the one staying and keeping the house need to pay the other to buy him out? What is the fair thing to do? Thanks for your help
Justin

Answer
I would suggest you construct a written agreement that defines how you are to be paid for your portion of the property. For example, you might say something like that you would get an opinion of value from three different Realtors, take the average price and sell it for that amount with the one who is staying paying the one who is leaving 50% of the equity.

Otherwise, you should consult with a REAL ESTATE attorney to make sure everything is fair in drawing up an agreement.

I do wish you well.

Dick Dennis             dixiedee13@aol.com

www.OldProblemSolver.com

Buying or Selling a Home

All Answers

Answers by Expert:

Ask Experts

Volunteer

Dick Dennis

Expertise

With more than 41 years as a real estate broker, I can solve most any problem presented. If I can`t, I do my research. Problems with mortgages, trust deeds, foreclosures, odd ways of conveying titles. Most any good Realtor can answer questions satisfactorily, but I answer questions that most cannot. Also, ask about my hard-copy newsletter, The Landed Gentry. It can also be sent to you via PDF.

Experience

Solving real estate problems for 37 years.

Organizations
National Association of Realtors

Publications
Publishes The Landed Gentry, guest writer in Who's Who in Creative Real Estate, First Tuesday, Financial Freedom and many newspapers

Education/Credentials
e-Pro Realtor, Certified Distressed Property Expert, Who's Who in Creative Real Estate

©2012 About.com, a part of The New York Times Company. All rights reserved.