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My husband and I are getting divorce. The only asset we

Customer Question
Hi my husband and...

Hi my husband and I are getting divorce. The only asset we share is the home. He will buy out my portion of the equity of the home. Since we are not using a realtor, he feels he should keep 6% of the realtor fees that would have been paid and then split the equity in half. He describes it a receiving net proceeds. I am trying to determine if this is correct under MN law.

Lawyer's Assistant: Because real estate law varies from place to place, can you tell me what state this is in?

Minnesota

Lawyer's Assistant: Has anything been filed or reported?

No not yet. The divorce paper work or the refinance of the home

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

No I don't think so.

Submitted: 10 months ago.Category: Legal
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Answered in 10 minutes by:
10/1/2017
Lawyer: Barrister, Attorney replied 10 months ago
Barrister
Barrister, Attorney
Category: Legal
Satisfied Customers: 43,051
Experience: 17 yrs practice, Civil, Criminal, Domestic, Realtor, Landlord 26 yrs
Verified

Hello and welcome! My name is ***** ***** I am a licensed attorney and will try my best to help with your situation. There may be a slight delay in my responses as I type out an answer or reply.

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That makes no sense to me financially because if you are saving the 6%, then you would each be receiving 3% more..

.

For example, house is $100K, realtor fee is 6K. you end up with 94K. If payoff if $80K then that leaves you with 14K to split, so 7K each.

.

But if there is no realtor fee, then you end up with 100K, payoff the 80K, leaving 20K to divide in half so you each get 10K.

.

Under his idea, he gets his $7K plus 6K for a total of 13K and you get 7K...

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So not a good deal for you at all in my example..

.

And this isn't a matter of MN law, as you can agree on whatever you want in the property settlement agreement.. So he is trying to do something a little shady here and basically have you pay him a commission to buy you out..

.

.

thanks

Barrister

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Customer reply replied 10 months ago
Thank you. I thought so but wasn't sure if it was the law.
Lawyer: Barrister, Attorney replied 10 months ago

You are very welcome. Happy to help any time. And no, it is definitely not a law..

.

It was my pleasure to work with you and help with your question. If you ever need me in the future, you can post a new question with "For Barrister" in the caption and the JustAnswer employees will get it to me.

.

If you feel I have answered all your questions, I would very much appreciate a 5 star rating by clicking on the rating scale on your screen as that is the only way I receive credit for my work.

.

.

Thanks much

Barrister

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Lawyer: Barrister, Attorney replied 10 months ago

Hello again,

.

I just wanted to touch base with you and check in.

.

Did you have any further questions I can help with?

.

.

Thanks much

Barrister

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