Home Buying in 90026>Question Details

Dsmith611, Home Buyer in Arlington, VA

How do I buy into partners house?

Asked by Dsmith611, Arlington, VA Tue Apr 9, 2013

He's owned it for 10 years. I've been living here for 6 paying rent We want to find a fair legal way for me to buy in.

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Answers

4
Sona Gallatin’s answer
Seek the advise of an Attorney. Find out how much the property is worth through title records of recent sales per square foot, or get an appraiser and then go to the attorney to help you.
0 votes Thank Flag Link Wed Apr 10, 2013
I would recommend you also get some tax advice. The transaction may cause the property tax base to be adjusted and a taxable gain for your partner.
Good luck,
0 votes Thank Flag Link Wed Apr 10, 2013
\Assuming you have an accord on the amount you should pay. If you do not know how much to pay, you may need an Appraisal. You do a change of Title. Either go to County recorder office or a Title Company and ask for change of Title form. Within the form it asks you for reason for change and how much. Then you can decide how to hold Title together. http://www.titleadvantage.com/mdocs/WaysToHoldTitle.pdf
0 votes Thank Flag Link Wed Apr 10, 2013
You may want to speak to a real estate attorney. A realtor could help you do the transaction, but if the two of you don't know what is equitable, it would be to your advantage to seek legal council
0 votes Thank Flag Link Wed Apr 10, 2013
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