Legal Question in Family Law in Pennsylvania
Divorce
When my husband and I divorce he will remain living at our property when he pays me for my halfof the farm Someone told me I have to pay 6% on my half of the value of the property is this true.
2 Answers from Attorneys
Re: Divorce
You should have a written property settlement agreement addressing how the equity in the proerty is going to be divided and when it will be sold. Typically the person staying the the residence is responsible for the costs associated therwith. However, should he fall behind in the payments, that could affect your credit if your name is on the accounts (taxes, utilities and mortgage).
As for the 6%, in Montgomery COunty, the cost of sale (6% realtor and 1% transfer) is usually deducted from the value fo the property. This may be what you have heard.You should certainly consult with an attorney before finalizing this deal.
Contact me if you would like to discuss.
Jim
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