Home | Community | Message Board
You are not signed in.
Sign In New Account
Forum Index Search Posts Trusted Vendors Highlights Galleries FAQ User List Chat Store Random Growery


This site includes paid links. Please support our sponsors.

General Interest > Money Matters
Threaded Mode Threaded  Previous topic Previous  View all topics Index  Next topic Next 

Welcome to the Shroomery Message Board! You are experiencing a small sample of what the site has to offer. Please login or register to post messages and view our exclusive members-only content. You'll gain access to additional forums, file attachments, board customizations, encrypted private messages, and much more!

MagicBag.co Shop: All-In-One Bags That Don't Suck, Certified Organic All-In-One Grow Bags by Magic Bag, Contam-Resistant All-In-One Grow Bags

Jump to first unread post Pages: 1
How do you split a house with someone?
    #29339358 -

I bought a house several years ago, and I made a verbal agreement with my roommate that the house would be OURS (50/50), but on paper, it is still all in my name.

What kind of paperwork do we need to get to make the house half mine and half his?

We talked about just putting him (or his child) in my will (which I do not have), but there are plenty of ways I could lose both halves of the house (mine and his) if I had some kind of expensive medical or legal emergency.

The house will be halfway through it's 30 year payment schedule in a couple of years. We currently owe 71% of the original amount. The house is appraised at more than 4X what we owe.


--------------------
https://www.gofundme.com/f/support-for-renee-goods-wife-and-son

Extras: Filter Print Post Top
Re: How do you split a house with someone? [Re: Baby_Hitler]
    #29339392 -

The most reliable way to do it is to list the details on the deed, that you are both "tenants-in-common" and identify the respective %-interest.  You'll want a separate written agreement that specifies relevant terms pertaining to how either party may liquidate.

My (soon to be ex) wife and I purchased our home prior to marriage, and the deed is recorded respective to our original purchase contributions (75/25), and we have a separate mutually signed agreement indicating that either party may request a buyout from the other party at prevailing market rates, as determined by an appraiser of each party's choosing / then averaged in value, and that if the buy out agreement cannot be executed within 90 days, the house would be put up for public sale and the proceeds split according to ownership %.

Depending on how your property tax assessments are calculated, issuing new Grant Deeds to specify the respective ownership interests may result in a potential property tax increase (here in California, you generally get to maintain your original assessed basis for each year's tax calculation, but face reassessment at current market value when a legal transfer hits the books).  Because you have a mortgage holder to deal with, that could further complicate the deeding process.  However, if you really want half of the property to be the legal property of your cohabitant, including insulating that half from any claw-back against your own personal set of assets for any reason, the most bullet proof way to do that is to formally put their name on the deed and identify their percentage.


--------------------

--------------------
┼ ··∙   long live the shroomery  ∙·· ┼
...╬π╥ ╥π╬...

Extras: Filter Print Post Top
Re: How do you split a house with someone? *DELETED* [Re: geokills]
    #29339475 -

Post deleted by WhoManBeing

Reason for deletion: .

Extras: Filter Print Post Top
Re: How do you split a house with someone? [Re: WhoManBeing]
    #29339563 -

Property deeds are notarized and then recorded by the county registrar, so there is record on file.  The problem with a stand-alone notarized agreement is that is can be lost or contested, and even if uncontested and enforceable, would probably be quite the run-around to execute for an effective transfer.


--------------------

--------------------
┼ ··∙   long live the shroomery  ∙·· ┼
...╬π╥ ╥π╬...

Extras: Filter Print Post Top
Re: How do you split a house with someone? [Re: geokills]
    #29612214 -

So I got him on the Deed, but we still need to write out the agreement.

I just got the latest county tax appraisal letter. The appraisal went up almost as much as we paid for the property just since the last appraisal. We paid 90k for it a little over a decade ago. The last appraisal was 260K. This time it's 340K.

I think most of that is because of the new houses that have been built on my road since we bought the house. The number of houses has more than doubled since then and they are all nicer than mine, or any of the other houses that were already there. They're all McMansions. The largest and newest one is for sale for a little over $2 Million. In comparison, the first time I saw my house, I thought it was a doublewide trailer that someone had set on a foundation.

Also, more generally, the whole area has seen a bunch of people moving in from out of state (a lot from California) and they tend to have money to spend. My side of the county was already seeing growth when we bought the place. Actually, the whole county has been one of the fastest growing areas of the country since the 80s due to being conveniently located close to Nashville.

Rents, I might add, have skyrocketed in the last 10 years. If I hadn't bought this place I would probably be absolutely fucked right now. That was probably my last chance to buy a home. I am SO fucking glad that I did.


--------------------
https://www.gofundme.com/f/support-for-renee-goods-wife-and-son

Extras: Filter Print Post Top
Re: How do you split a house with someone? [Re: Baby_Hitler] * 1
    #29612464 -

Congrats!  Too bad on the tax reassessment, but it's better to have your major assets buttoned up.

    :manofapproval:


--------------------

--------------------
┼ ··∙   long live the shroomery  ∙·· ┼
...╬π╥ ╥π╬...

Extras: Filter Print Post Top
Jump to top Pages: 1

MagicBag.co Shop: All-In-One Bags That Don't Suck, Certified Organic All-In-One Grow Bags by Magic Bag, Contam-Resistant All-In-One Grow Bags

General Interest > Money Matters
Threaded Mode Threaded  Previous topic Previous  View all topics Index  Next topic Next 

Similar ThreadsPosterViewsRepliesLast post
* STOCKS - An Intro Tutorial & Ongoing Discussion
( 1 2 3 4 ... 324 325 )		 geokillsA 318,212 6,495 08/17/26 08:42 AM
by Gorlax
* Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects
( 1 2 3 4 ... 579 580 )		 geokillsA 294,578 11,598 09/21/26 03:42 PM
by tomnl
* Silver - the most concentrated short of any commodity
( 1 2 3 4 ... 36 37 )		 Gorlax 16,333 724 08/19/26 12:14 PM
by gopher
* Onepiece TCG collecting tomnl 33 0 06/27/26 11:50 AM
by tomnl

Extra information
You cannot start new topics / You cannot reply to topics
HTML is disabled / BBCode is enabled
Moderator: geokills, automan
195 topic views. 1 members, 0 guests and 3 web crawlers are browsing this forum.
[ Show Images Only | Sort by Score | Print Topic ]
Search this thread:

Copyright 1997-2026 Mind Media. Some rights reserved.

Generated in 0.027 seconds spending 0.007 seconds on 16 queries.