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Q: home equity and splitting up ( No Answer,   1 Comment )
Question  
Subject: home equity and splitting up
Category: Family and Home > Home
Asked by: mike1783-ga
List Price: $25.00
Posted: 26 Feb 2005 13:19 PST
Expires: 28 Mar 2005 13:19 PST
Question ID: 481433
Me and my girlfriend bought a house 1 year ago. We are know going to
split. I put down 13000 dollars from a inhertience she put down
nothing. My question is do i have to buy her out of the 13000 equity
we had from that money or just any other equity that we have built up.
I live in pennsylvania.
Answer  
There is no answer at this time.

Comments  
Subject: Re: home equity and splitting up
From: emartin4444-ga on 10 Mar 2005 16:56 PST
 
Now, I'm no lawyer; however, I do work at a Real Estate Appraisal firm
in Southern California, and we appraise homes in this exact situation.
I would say your need to buy out your former girlfriend depends on a
couple of things. First, because she is you mention her as your
girlfriend, I would assume there is no marriage involved. That would
definitely work in your favor, because she would have no legal rights
to YOUR property. BUT, if she co-signed to the mortgage, then even if
she didn't put money down, I would assume she would have a right to be
"bought out." But, if you two are not married and if her name isn't on
the mortgage, I'd say you're pretty much home free. The best advice I
can give is get a good lawyer if things start to get ugly.

Best of luck to you! I hope your next relationship works out much
better! =)(emartin4444, Accutech Evaluations, LLC)

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