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legalgems, Arbitrator
Category: Real Estate Law
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I am in MN. My fiancé and I are splitting up and need to

Customer Question

I am in MN. My fiancé and I are splitting up and need to sell the home we purchased a year ago. She wants to buy me out which I am most likely agreeable to if its equitable. She has applied to refinance the home and had made me a cash buy out offer. The offer is roughly my half of the original down payment. If we have built additional equity and I entitled to half? And as a home owner am I entitled by statute to see the appraisal at closing or since it's her refinance is she not obligated to show me the appraisal?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  legalgems replied 1 year ago.

My sympathies for your breakup.

Assuming the property has stayed the same price, normally the parties would be reimbursed for their down payment; if the property has appreciated/depreciated, then normally there are 2 ways to deal with this:

1. if the deed specifies the property is 50/50 ownership, then divide any equity (or pay 1/2 of any loss) equally.

2. if agreed, (and this is standard), then any appreciation/depreciation is prorated between the parties based on their ownership interest, as that is generally the most equitable manner of dealing with it, absent a contract to the contrary.

Normally only the party refinancing is entitled to see the appraisal, but one can of course make a buy out offer contingent upon the agreed upon price matching the appraisal.

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Information provided is for educational purposes only. Consultation with a personal attorney is always recommended so your particular facts may be considered. Thank you and take care.

Expert:  Attyadvisor replied 1 year ago.

Sorry this was not supposed to post in this question.

Expert:  legalgems replied 1 year ago.

Hi- just checking in to see if you needed clarification on any of the above information. If so please post here (there is no additional charge for this) and I will do my best to get you the requested information.

Thank you!