Posted on: 22nd Jan, 2009 04:22 pm
Hello, I bought a single family home 5 years ago with my boyfriend, we are both on the mortgage as co owners with clause of if one dies the other gets the entire property. We bought it at 187,000.00 and still owe 175,000.00. We now have spilt up, with me living off of the property and paying half the mortgage every month. If one owner wants to buy the other one out, how do you figure the amount out? Also if we sell the house am i due any money back or precentage of what i've paid when i left, since i'm making good on the mortgage while not living there.
Typically what would happen is if he bought you out, he would have to give you your share of the equity. So, if the house is now worth $200k and you owe $175k on the mortgage, then he would owe you half of $25k ($12,500).