What happens to my share of our houseif I left my partner?
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What happens to my share of our houseif I left my partner?
My ex-partner and I (not married) bought a house 2 years ago. We had help from the government. I left him last November and he stayed in the house. I still have to pay the government back, but I would like to know what I could do with the house? I invested a certain amount of money in it and I would like to know if I can have it back somehow. Does my ex-partner have to buy my part of the house since he lives in it? What can I do if he doesn’t want to sell the house? Also, what should I do if he cannot afford to pay me back?
Asked on August 25, 2011 Missouri
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
If you are on legal title or redord to this house (or even if you are not), you have an ownership interest in it. I presume that your ex-partner lives in the house presently. You want your interest in it to be bought out.
The best way to try and accomplish your desires is to have a meeting with your ex-partner and discuss your desire to be bought out of the home and what he wishes to do with it. If he wants to keep it and buy out your interests in it, you need to have it appraised by a licensed appraiser in your state to establish its fair market value and to establish the estimated value of your interests in it.
You then try and reach a written agreement as to your buy out interest and if agreed, you should request that your ex-partner obtain a new loan to buy out your interest in the property and to refinance the existing loan where you are no longer obligated upon it making a nice clean break for you.
Another option is that the home is agreed to be sold and you and he receive the allocated proceeds from the sale due you.
If your ex-partner does not want to sell the house or buy out your interest in it, your option is to file a partition action against him seeking a court order for the sale of the property.
You should consult a real estate attorney to assist you in this endeavor.
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