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| Financial Issues This forum is for discussing any of the financial issues involved in your divorce. |
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#1
10-18-2011, 02:48 PM
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are buys outs minus real estate fees
To offer to buy my x out, do I subtract real estate fees from the sale price, minus the mortgage and give her half of what remains?
She told me legal council said real estate fees are not to be subtracted, but thats not the true value in $ of whats left and I will have to sell at some point and pay it all 
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#2
10-18-2011, 02:54 PM
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First suggestion - Stop taking legal advice from your STBX.
Second, generally closing costs are deducted from the value of the house as of the valuation date.
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#3
10-18-2011, 04:39 PM
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My understanding is the courts do see the value of real estate fee costs if a spouse wants to keep the house, and 50% of real estate fee applies.
Most are at 5% SO....here is an example: Evaluated @ 400,000. (5% divide 1/2)= 2 1/2% -10,000. Morg. Bal -100,000. Balance for division 290,000. Equalization value 145,000 each Hope this helps
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#4
10-18-2011, 05:29 PM
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after just having gone through this, yes real estate fees are subtracted, then the mortgage and you pay her half the equity left
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#5
10-18-2011, 05:59 PM
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Yes, it's all about the equity left after expenses. Real estate fees are deductable for equalization purposes. Listen to HammerDad and stop listening to anyone other than your lawyer and this forum
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#6
10-25-2011, 09:03 AM
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Thought I'd comment on this based on what I've been advised. I'm in Alberta and going through this whole ugly process myself.
My lawyer told me that realtor fees are NOT subtracted when one party is buying the other party out of the matrimonial home, because the house isn't being sold. It's as simple as that. He went on to advise that if the 2 partners come to their own agreement, then that's one thing, but a judge certainly will not subtract realtor fees on a matrimonial home buy out. When I spoke to my mortgage broker about refinancing the house due to divorce, she indicated the same thing to me: Realtor fees are NOT subtracted. Canada Gold 2010
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#7
10-25-2011, 05:13 PM
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here in ontario my lawyer told me it was and the appraiser i had in said the same.
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#8
10-25-2011, 05:30 PM
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Realtor fees may not be in some provinces, but remember to account for refinancing fees/penalties/etc. that the bank may hit you with.
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#9
10-26-2011, 10:12 AM
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Also, don't forget to add the (in ONtario anyway) 13% HST which applies to real estate commissions. For a $400,000 home, 5% real estate fee is $20,000 BUT there is another 13% appliable to the $20,000 so the real cost is $22,600. Every penny counts right lol !
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#10
01-12-2014, 03:41 PM
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Does any know if the cost of carrying the property (mortgage paymentts, utilities, taxes and insurance) get divided equally if one spouse paid these entire amounts from the date of separation to the date of buyout or sale?
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