If my ex-wife and I have a house in both of our names and I want to take over the house, how dowe decide on a buy out if everything was evenly spent on the house?
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If my ex-wife and I have a house in both of our names and I want to take over the house, how dowe decide on a buy out if everything was evenly spent on the house?
My ex-wife and I purchased a house Since we have filed for divorce and put it up for sale. Now that I can afford the house I want to buy her out. How do we decide on a buy out price since it’s just like me being an outside buyer?
Asked on January 1, 2012 under Real Estate Law, South Carolina
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
The best way for you to buy out your former wife's interests in the home that you are writing about is to get the home appraised by a licensed real estate appraiser. Assuming the home is paid free and clear, you then make your former wife an offer based upon the appraisel to purchase her interest in it.
I recommend that you have a real estate attorney represent your interests in the attempt to purchase all interests in the home. Make sure all offers are in writing as well as counter offers and that you have a formal escrow handle the transaction as well.
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