U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate
 [Register]
Please register to participate in our discussions with 1.5 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Jump to a detailed profile or search
site with Google Custom Search

Search Forums  (Advanced)
Business Search - 14 Million verified businesses
Search for:  near: 
Reply Start New Thread
 
Old 02-16-2009, 04:56 AM
 
4 posts, read 38,590 times
Reputation: 18
Default Forcing a partition action sale?

I live in Maryland and I own a house as a joint tenant with my ex-fiancee. We are about to split and I want to keep the house. I can get a mortgage but she can't. If she does not agree to buy me out, can I force a sale so that I can get a mortgage and keep the house. We have only been in the house 1 year. I paid the entire down payment ($15,000) and all of the repairs ($30,000). Her investment is half of the mortgage and bills during the year. I don't want split any equity because we can't sell in this market anyway and she does not have an equal investment in the property like I do.

Thanks,

TrappedMD
Reply With Quote Quick reply to this message

 
Old 02-16-2009, 04:37 PM
 
Location: South Metro Denver and looking at houses
8,386 posts, read 17,848,910 times
Reputation: 4141
Try a quit claim deed. From both of you to just you.
Reply With Quote Quick reply to this message
 
Old 02-16-2009, 05:12 PM
 
Location: Salem, OR
10,674 posts, read 16,960,411 times
Reputation: 6519
Usually people just do what 2B said. A quit claim deed and then the sole owner then refinances in their name only to remove the other person from the liability of the house.
Reply With Quote Quick reply to this message
 
Old 02-16-2009, 11:01 PM
 
Location: Rockport Texas from El Paso
2,402 posts, read 4,518,382 times
Reputation: 1231
In Texas we use a Special Warranty Deed well it depends on whether you consider yourself actually married - I suppose a quit claim deed would do. Some title companies don't like them.

Usually a court would order an appraisal and then she gets half the equity within a set period of time and you get the house.
Reply With Quote Quick reply to this message
 
Old 02-17-2009, 08:22 AM
 
Location: Barrington
17,246 posts, read 12,430,911 times
Reputation: 5662
Quote:
Originally Posted by ocean2026 View Post
In Texas we use a Special Warranty Deed well it depends on whether you consider yourself actually married - I suppose a quit claim deed would do. Some title companies don't like them.

Usually a court would order an appraisal and then she gets half the equity within a set period of time and you get the house.

This implies the property increased in value. Given OP has only been in the house about a year, it's not likely they have seen any appreciation. She might consider herself quite fortunate to be relieved of the burden associated with ongoing payments.
Reply With Quote Quick reply to this message
 
Old 02-17-2009, 11:44 AM
 
914 posts, read 1,834,545 times
Reputation: 508
With $30,000 in repairs there is probably a price gain- since that probably means the diference between listing as fixer and not. The market was already skidding a year ago so one would assume the house wasn't bought at 2004 or 2005 prices.

In my area the drop in real estate prices and tighter lending are apparently wreaking havoc on a number of divorces.
Reply With Quote Quick reply to this message
 
Old 02-17-2009, 04:42 PM
 
Location: Baltimore, MD
2,095 posts, read 1,343,184 times
Reputation: 2952
I'm not sure you understand the process. In Maryland, you may petition the court to order a "sale-in-lieu of partition." If the court grants your petition, the home will be sold to the highest bidder via auction. Thus, if you want to keep the residence, you must be the highest bidder. After the property is sold, the equity will be divided among the parties. Do you really want to shell out the fees for court costs, court appointed trustee, possibly attorney, etc.? I strongly suggest you set aside your sense of fairness and consider offering your girlfriend a reasonable amount of cash in exchange for her deeding the property to you. We all make mistakes and learn from them. Perhaps this is one of those moments?
Reply With Quote Quick reply to this message
 
Old 02-18-2009, 04:12 PM
 
Location: McLean, VA
4,619 posts, read 3,490,445 times
Reputation: 2072
Quote:
Originally Posted by mrpeatie View Post
With $30,000 in repairs there is probably a price gain- since that probably means the diference between listing as fixer and not. The market was already skidding a year ago so one would assume the house wasn't bought at 2004 or 2005 prices.

In my area the drop in real estate prices and tighter lending are apparently wreaking havoc on a number of divorces.
Money for repairs cannot be added to the value of the house. Repairs only maintain the current value. They do not add any equity.
Reply With Quote Quick reply to this message
 
Old 03-03-2009, 04:17 AM
 
4 posts, read 38,590 times
Reputation: 18
Thanks for the replies. I sorry I did not get a notice of your replies sooner. Clearly, the partition is not the way to go. I am working on getting a mortgage in my name only and having her sign a quit claim deed. If she does not change her mind, it will work out fine.

Thanks again.
Reply With Quote Quick reply to this message
 
Old 03-13-2010, 12:38 AM
 
4 posts, read 17,145 times
Reputation: 14
First, determine the type of deed that you have. Joint Tenants with Rights of Survivorship (JTWROS) and Tenants in Common (TIC) deedholders can apply for a partition to petition with the court. Be aware that it is not cheap, and it is not quick. It always is better to work out a deal direction with the tenants.

If a buyout deal cannot be reached, then visit an attorney to help you in filing for partition. Real estate partition law varies from state to state, but the two types of deeds normally mean the same across the board. A JTWROS deed means that all owners automatically have equal shares in the property, so proceeds must be divided equally among the tenants during a sale or during a partition of the property. So if two tenants are lsited on the deed, each tenant owns a 50% share of the property. There is no way to change that regardless of any one tenant's contribution to the purchase price. During the partition process, credits may be issued for payments made to utilities or maintenance, but no credit would be issued for any one tenant's contribution to purchase price.

If the deed is a TIC deed, then shares could be unequal which may result in an unequal distribution during a sale or partition. Just as with a JTWROS deed, credits may be given for utilities or maintenance payments made in excess of one tenant's share. In both instances, credit may be given for rennovation and upgrades only if such actions resulted in an increase in property value.

After the partition process is over, the tenants will be responsible for the costs of partition according each tenant's share of ownership. Costs may include attorney fees, court fees, court master fees, appraisal fees, etc. If you are involved with an unwilling participant, then the fees will really add up and the process will take much time to complete.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Over $79,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate
Similar Threads

All times are GMT -6.

2005-2014, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25 - Top