Legal Question in Real Estate Law in New York

Amount of money I am due

My partner and I are splitting up. We own a condominium where he wants to stay and I will be moving out. How do we base the amount of money it would take for him to ''buy me out''? Does he just give me half of the value of the place or do we have to subtract any mortgage amount that is still due?


Asked on 5/20/07, 1:39 pm

2 Answers from Attorneys
Seth Kaufman Kaufman PLLC

Re: Amount of money I am due

You can do whatever you agree is fair. You may decide to split the equity in half or apportion value according to how much each contributed, for example. Feel free to contact my office to discuss this further.

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Answered on 5/28/07, 9:02 pm
Robert R. Groezinger GroezingerLaw P.C.

Re: Amount of money I am due

You figure out the market value now...subtract the mortgage..and split the difference. That is because the mortgage will stay on the property and will be his responsibility... BUT ...you need to agree that he will refinance and remove your name from the mortgage becasue his default will be your default.

Good Luck

RRG

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Answered on 5/20/07, 5:39 pm


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