Hello,
My question is regarding the valuation of the home in a common-law relationship in Ontario. We purchased a home together, both our names are on the deed and loan documents. She has moved out and I wish to keep the home – buy out her equity in the home. Although I contributed more of the down-payment, she wants to split the equity in the home 50/50, and I expect that any case I have for unjust enrichment is weak and not worth legal fees – so 50/50 it is. My question is how to determine the value of the home without putting it up for sale?
In our first conversation on the topic, she was willing to accept the value from an assessment, so I arranged to have one completed. Now she’s changed her demand and has discussed the value of our house with a real estate agent. While the agent won’t put a figure on the home, he’s recommending listing the house for 50K more than the assessed value. A comparable home on the same street sold only two months ago for the assessed value. I’d prefer to reach an agreement without going through lawyers and eventually a judge. Would I be crazy to agree to a value above the assessed value? Would a judge use anything other than an assessment in awarding a value to my common-law partner?
Many thanks for your insight!!!
tom
My question is regarding the valuation of the home in a common-law relationship in Ontario. We purchased a home together, both our names are on the deed and loan documents. She has moved out and I wish to keep the home – buy out her equity in the home. Although I contributed more of the down-payment, she wants to split the equity in the home 50/50, and I expect that any case I have for unjust enrichment is weak and not worth legal fees – so 50/50 it is. My question is how to determine the value of the home without putting it up for sale?
In our first conversation on the topic, she was willing to accept the value from an assessment, so I arranged to have one completed. Now she’s changed her demand and has discussed the value of our house with a real estate agent. While the agent won’t put a figure on the home, he’s recommending listing the house for 50K more than the assessed value. A comparable home on the same street sold only two months ago for the assessed value. I’d prefer to reach an agreement without going through lawyers and eventually a judge. Would I be crazy to agree to a value above the assessed value? Would a judge use anything other than an assessment in awarding a value to my common-law partner?
Many thanks for your insight!!!
tom
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