Legal Question in Real Estate Law in Maryland

Hello. Paying back a co-owner with interest is not the typical way to approach a buy-out, but what kind of arrangement works best in your situation will depend on the facts of your case, particularly the value of the property, the current equity and your respective contributions.

I strongly suggest caution in sharing any credit details and note the law does not have any requirement for joint owners to share income details with other owners. That being said, your obligations may change if a lawsuit is pending and you've been served with discovery or if you have an agreement that mandates such disclosures.

A co-owner can legally force a sale in this state by a legal action called a "sale in lieu of partition." Other options include entering into a formal agreement to sell the property or an agreement to have one of the owners buy out the other's share. If you have a mortgage on the property, you will need to get your lender's approval before any deed transfer and may need to re-finance. Lender approval is generally needed to transfer to someone already on the title or to a third party.

You may find it helpful to have an attorney review the specific facts of the co-ownership (including when it was purchased, the amount of any liens, what contributions were made, etc.) and help you negotiate a deal with the other owner. You are welcome to contact my firm or another Maryland lawyer of your choosing. Note that this post does not create any attorney-client relationship and the general information given here does not amount to legal advice on the specifics of your situation.

I would suggest that you speak with an attorney and have them review, negotiate, and draft any agreement between you and your ex. That interest rate sounds a bit high. Your option is to negotiate the best deal for you. An attorney can help you with that. Otherwise, your ex may try to take advantage of you, and you need to make sure you are protected. Regards,