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?

Get Legal Help Today

 Secured with SHA-256 Encryption

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 9 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.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption