Legal Question in Real Estate Law in North Carolina
My partner and I, 2 gay men, have been together for 14 years. We are now breaking up. We own a condo in Palm Springs, CA outright. We also own a home in NC, with a mortgage of $814,000. What are we legally required to do to split up the properties?
I make alot more than he does... ($320,000 a yr vs $50,000 a yr) He wants me to buy him out. I am willing to do this, and have the funds available. How do we determine the value of the properties...appraisals, comps, tax value...we don't have to sell the properties and split the proceeds? Can he force me to sell my homes? Would we have to both agree to any offers in order to sell?
2 Answers from Attorneys
As for the North Carolina property, the best scenario is of course if you can voluntarily reach a settlement, and the property can be put in your name only. Both parties have to consent to transfer the property. If you can't agree, then you could have to go to court for a partition or forced sale. If you are willing to pay fair market value, then you should be allowed to keep the property. The best way of valuing the property is with an appraisal (as opposed to e.g. tax value or comps -- but of course comparable sales are highly relevant in appraising the value).
As far as NC property - you can either agree on something or one of you can bring a partition action. Just try to reach a satisfactory agreement as to value. Get an appraisal or 2. You can also ask a realtor to do a markey analysis - (how much they would list the property for).
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