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Common Law 11 months, she wants half

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  • #16
    You should get the appraisal done by an actual appraiser and tell them that it's for a common-law marriage break-down. They'll be very thorough and the appraisal will stand up in court. The appraisal will cost around $3-400, but it sets you on very firm ground for valuation and, as an added bonus in your case, they tend to appraise conservatively so that they can be sure the selling price would meet the valuation.

    Real estate agents tend to value homes higher than appraisers, because they want you to get excited at the value and list it with them.

    I'd also make any offer take into consideration selling commission, legal fees, and any closing costs that you'd have to pay if you were to dispose of it. If it comes out that there's no equity left, point that out to her. If that's the case, I'd make the offer that she pays for half the costs of selling.

    So, if the house cost $200,000 and you put down $20,000 and the house is appraised at $210,000, I'd point out that, if you sold the house, you'd net $210,000-$10,000(RE fees)-$3000(closing costs)-$20,000(your down payment) = $177,000. After 11 months, your mortgage wouldn't be down to $177,000, so there's no equity left to share. If your mortgage is at $176,000, she gets $500, or half the equity.
    Last edited by ONdad; 07-30-2010, 03:07 PM. Reason: added example

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    • #17
      Thanks KanataKathy.

      It would appear that we are in a very similar situation indeed. We are just outside of Kanata. I do hope this will turn out to be the "slam-dunk" as well. I'm hoping for the best but preparing for the worst.

      Good luck to you.

      Mark

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      • #18
        Thanks for the input ONdad,

        I've already spoken to a local Real Estate agent and it appears that your assumptions are close to the truth, she did give a casual estimation that seemed a little high. I think I'll try the appraiser route this week.

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        • #19
          Definitely get the appraisal. If you took a real estate opinion to a judge you will be told to come back later with an appraisal. Translation -----> wasted time and expense in court.

          You will pay less for the appraisal than you will waste in court.

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