Joint Ownership in Oregon
I am not married and purchased a home in Oregon with boyfriend. We have only been in this home a short time and it is time to split the house. What is the best way to split a home with no or very little equity involved? I am able to continue to maintain the home myself, would it be best to quick claim and refinance under my name only? Would it be fair to pay his initial investment back and then what? Thanks
Re: Joint Ownership in Oregon
The best way is to have a contract written out, in advance, detailing how the property will be divided if one or both of you decide to sell.
One possible approach if you wish to keep the home is for you to get an appraisal (or for you both to agree to use the lender's appraisal for the refinance) to determine the equity, and pay him half of the equity. Be careful about quit claim deeds in advance of refinancing, as opposed to simultaneously with refinancing, as they may not be permitted under your mortgage contract. You can try to decide between the two of you whether closing costs should be divided equally.