Location: Virginia
My long term (now ex) bf and I bought a house together 10 years ago. Both names are on the deed/title but the mortgage is solely in my name. I would like to keep the house, what is the correct way to go about that? Being that we were never married I’m getting a lot of conflicting advice.
Comments
The two of you would need to agree on a buyout price. Typically that would be something like half the equity in the house.
Determine how much equity you have in the house by getting the market value of the house currently and subtract the remaining principal on the mortgage. Divide the equity by 2. Pay him whatever that comes out to and have a new deed written.
You can either buy him out or, if they agree, they can sign sign a quit claim. If you two cannot decide on what to do, you can go to court.
In the future, do not make yourself the only one liable for the financial obligation of something while given Ng the other person partial ownership.