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General Interest > Money Matters
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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.


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

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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.


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Re: How do you split a house with someone? *DELETED* [Re: geokills]
    #29339475 -

Post deleted by WhoManBeing

Reason for deletion: .

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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.


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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.


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

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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:


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General Interest > Money Matters
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