Legal Question in Real Estate Law in New York
Sale of a house
I live with my boyfriend we are both on the mortage and title. WE bought the house one year ago with no money down mortage. on 350,000 the other mortage is about 80,000 with interets we purchased the house for 435,000. We have decided to sell the house and go our seperate ways. My question is Cna i move out to an apt until he sells the house and not make contributions to the house
until he sells or is it inm y best interest to stay in the house until it is sold ands any profits will be spilt evenllly.
1 Answer from Attorneys
Re: Sale of a house
As a co-owner, you are responsible for 1/2 of the carrying charges for the house and hence renting out another unit will only increase your overall costs. However, if you can agree with your boyfriend that, if you move out, you not pay the carrying charges and an adjustment be made between you at closing for those charges, then that might be a viable solution.
Feel free to contact me should you have any further questions or require additional assistance.
Kind regards,
Peter Moulinos
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