Legal Question in Real Estate Law in New Jersey

buyout offer

I am thinking of buying my ex-husbands' half of the home we share beings I'm paying the morgage anyway and not getting the credit cause it is in his name only. I am intitled to half the home when my son turns eighteen. My question is how do I come up with a fair figure to offer him for his share? Is there a guideline to follow or a "calculator" to come up with an amouny?


Asked on 7/15/99, 8:34 pm

1 Answer from Attorneys
Dale Lundquist (Solo)

Re: buyout offer

The usual way to do this is for you and your ex-husband to agree upon a professional appraiser who will set a value on the property based upon the recent sales of similar properties in your area. Then offer your ex one-half that amount (or less, arguing your extra expenditures for mortgage, taxes, insurance, etc. May be he'll even take back a mortgage so you don't have to pay in a lump sum. If he accepts, have a lawyer prepare a Deed and other necessary papers for ex to sign over his share to you. Be sure to have a lawyer help you with this as these matters can sometimes be complex. Good luck.

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Answered on 7/20/99, 8:34 am


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