Buying my partner out ....

[ameliajane]

How do I start the process? - we have a deed of trust but it states that should we sell we both get the money we put down on the deposit then once the mortgage has been settled, selling fees and legal fees are paid - we split the rest 50-50. How would this work if I want to buy him out instead of selling?

[Kelly Jo]

Your Deed of Trust should state this? The one I have had drawn up states that if your partner wants to sell he must let you know in writing. You then have one month in which to state you want to buy his share. Once this is agreed you get a surveyor/valuer to value the property. You would then calculate the ''profit'' and split this 50/50. I guess you then add that onto the depoit, assuming you both put the same amount down as a deposit? Whoever is buying partners share pays all legal fees. Is your not drawn up in terms of percent?
The way mine works is that I put down a deposit on a house of �220K of �128K and my boyfriend put down zero. We have split the remaining mortgage 50/50 as a percentage I own 79% and he owns 21% so if I wanted to buy him out and the house was valued at say �240K (�20K profit) he would get 21% of that - �4200 and then I would have to pay the fees too.
I hope this is of some help!