Legal Question in Real Estate Law in Massachusetts
Where would I deduct my interest
Based on my existing 20% ownership of the home, when would I apply my % in order to lower the asking price? If the house value is $240,000 would I take my $48,000 from the sale price, making the sale price to me $192,000?
1 Answer from Attorneys
Re: Where would I deduct my interest
I'm not entirely clear on your question or the specifics of your situation. If you own a 20% interest in the home, and the home sells for $100,000.00, then you would be entitled to $20,000.00, assuming there are no mortgages.
You might be asking about the cost to you in the event that you wanted to purchase the other 80% ownership interest in the home. If that is the case, you should have the home appraised in order to agree on a fair market value, and then you would need to pay the other party(s) for their 80% interest.
In the example you give in your question, you would need to pay the other party(s) $192,000.00 in order to purchase their 80% interest in a home worth $240,000.00.
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