Legal Question in Real Estate Law in Massachusetts

real estate sale-figures/law

house owned by 2 owners,i own majority share,other owner wants to sell house so i have begun that process,i have lived in home since before it was deeded to us,and am looking into purchasing their share,how do i come up with figures,---i.e--home value through comps and or appraisal,minus mortgage on property[in deceased name]minus payments owed me for mort and tax payments made,minus repairs needed found through a home inspection,[many repairs needed]would that be correct and also can i deduct real estate agents fee even if not used since it would reflect amount of money other owner would recieve if sold on market and also am i missing any deductions i should use


Asked on 4/03/09, 10:25 am

1 Answer from Attorneys

Re: real estate sale-figures/law

There are sevrral ways to determine value:

1. Get a formal Appraisal by an appraiser

2. Have a broker give you a market valuation

3. Use the current assessed value

4. Use an online valuation system such as Zillow.

The last two are less likely to be accurate as to the current value of the property.

Usually in determining who gets what, you deduct all interest payments, improvements and taxes paid each party. If one has lived in the property you add back the value of the rent not paid. (all this is negotiable. Generally, you deduct from the valuation the brokerage fee which otherwuise would be paid by the Sellers. So if the property is worth $400K and the Mortgage is $200K and Brokerage is 5%, the net value of the property to be devided would be $180,000 less any further adjustments.

I would suggest you contact an attorney and have an agreement drawn up.

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Answered on 4/03/09, 11:05 am


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