Legal Question in Real Estate Law in Michigan
Buying out of Joint ownership
How do i go about buying a house that is half mine from joint ownership with my ex? He wants to sell the house and i want to have it in my name solely.
We both bought the house with good intentions of getting married , we put it in both our names with joint ownership. The relationship went bad, and now we have this house that he doesn't want and i do.
Do i just refinance it? Or must i buy it outright from him? I'm so confused and scared.
2 Answers from Attorneys
Re: Buying out of Joint ownership
It may be possible for the two of you to work out an agreement. Perhaps you can reimburse him for the amount he has put into the home, or pay him a portion of the equity in the home, if any, and then he can deed the property to you. I'd be happy to discuss this matter with you in greater detail. Feel free to contact me at (734) 326-2101.
Re: Buying out of Joint ownership
How much did he contribute? How much did you contribute? Answering those questions should give you some idea as to how much you owe him. If you have good credit you might be able to refinance and pay him off in return for him executing a deed to the property. You should retain an attorney that deals with divorce law and with real estate law.
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