1 Simple Question

[Troubled]

1 Simple Question...(ok, maybe 2)

Just broke up with my ex... dated 4 years, lived together for 2 (so not common-law). Obviously not married.

Both our names are on the purchase agreement for our house, she contributed 10% to the $110,000 down payment, I contributed the remaining 90%.

1. If we sell the house...is she entitled to half? or just what she put in?

2. If she agrees to let me buy her out...do I have to pay 1/2 of what the house is currently valued at?

[sasha1]

http://www.common-law-separation-canada.com/

Check out that link; there's a lot of information there that will help you. Assuming that you did not have a separation agreement in place? "Both names on the purchase agreement".. What's on the title and the mortgage? When was the home purchased, relative to the relationship's duration?

[Troubled]

I believe everything has both our names on it (title, mortgage,etc)...and the house was purchased in mid-Dec '05, we separated in April '06 (so we only lived in the house for 4 months).

We also live in Ontario (if that helps)

[logicalvelocity]

Regardless of what happens, since the house is owned by Joint parties, the house is valued at the separation date.

If one party decides to by the other out, real estate fees for deposing of the home at a subsequent date down the road are excluded along with closing costs.