If I’m buying out of joint tenancy condo which cost $100K then what would be a correct price to put on the deed?

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If I’m buying out of joint tenancy condo which cost $100K then what would be a correct price to put on the deed?

I’m paying $50K to my friend.

Asked on March 17, 2012 under Real Estate Law, Massachusetts

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

The best way to determine a buyout of the property that you have with your partner is to ascertain what its fair present market value is and then decrease the value by six percent (6%) which is the cost of a typical real estate commission and then divide the amount in half.

That price would be the start of an approximate fair market value of the parcel not taking into account any costs of repair needed to be done. You also need to discount the purchase price a bit more because a fractionalized interest in property is worth less than 100% of the whole. That would then be the about needed to be placed on the document that you are inquiring about.


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