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Ray
Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 41013
Experience:  Texas Attorney for 30 years dealing in real estate
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Quick question... I hope. I purchased my home with a partner

Customer Question

Quick question... I hope. I purchased my home with a partner in 2009. I paid the $8,000 down payment and received the $8,000 first time home buyer credit back. I'm looking to buy him out and want to split the equity properly. Is it fair for me to ask for half of that $8,000 even though I received the tax credit?
JA: Because real estate law varies from place to place, can you tell me what state this is in?
Customer: Oregon
JA: Has any paperwork been filed?
Customer: no, we kept this on personal terms
JA: Anything else you want the lawyer to know before I connect you?
Customer: that's it
Submitted: 9 months ago.
Category: Real Estate Law
Expert:  Ray replied 9 months ago.

Hi and welcome to JA. Ray here to help you today.Please bear with me a few moments while I review your question, conduct and prepare your response.

Expert:  Ray replied 9 months ago.

Did you actually get the $8k here or was it divided at the time you got it, some more information please, thanks.

Customer: replied 9 months ago.
I received the full $8k myself and did not split it because he paid no part of the down payment
Customer: replied 9 months ago.
Just to be clear, I'm asking whether or not I owe half of the $8,000 equity from the down payment or if all that should be mine.
Expert:  Ray replied 9 months ago.

No if you paid the $8k as down payment and got the refund thats a wash here and you only owe the 50% of what it sells for or the equity.

I do not see you owe partner anything on the $8k you paid, you got thee refund.I think that part is a wash.

Thanks for the follow up, good luck with the sale here.

Customer: replied 9 months ago.
Thanks. And he doesn't owe me any of the $8,000 in equity? We would just split it?
Customer: replied 9 months ago.
That is... even though he didn't contribute anything to that $8,000?
Expert:  Ray replied 9 months ago.

I think you would split the equity here, as I understand you put the $8k down but got the return so thats a wash.Any equity from the sale should be equally divided assuming both made the payments.If you made all the payments you should keep the equity.

Thanks for the follow up let me know if I got this right as to your situation here.

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