How much money do I have to give my boyfriend with sale of our house
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How much money do I have to give my boyfriend with sale of our house
My boyfriend and I purchased a home together. However, I put $100,000 down on the home as a down payment.We just acceptd an offer on the home. The total profit is $30,000. Do I owe him any of the profit?
Asked on June 12, 2009 under Real Estate Law, Massachusetts
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 15 years ago | Contributor
The information you gave needs additional clarification. Let's say you bought the house for $300,000.00 You put $100,000.00 down and can prove that it was your alone. You are now selling the property for $330,000.00. The mortgage of $200,000.00 and the $100,000.00 down payment is taken off the top leaving $30,000.00 profit. If you and your boyfriend both lived in the house and your boyfriend contributed to the value of the house during the time you owned it - which could be anything from painting and maintaining, etc. - then I would think that he is entitled to half of the profit absent an agreement to the contrary.
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