sale of a co-owned house

[myfairshare]

My sister and I co-own a house and I am wanting to sell my share of the house to her and move into a new house. I need a formula to help me decipher what my fair share of the house is. We did not have any agreement on how to split the house when we moved in. She made the biweekly payments and I paid a large lump sum yearly. Our mortgage is paid off.

[HomeGuru]

Originally Posted by myfairshare

My sister and I co-own a house and I am wanting to sell my share of the house to her and move into a new house. I need a formula to help me decipher what my fair share of the house is. We did not have any agreement on how to split the house when we moved in. She made the biweekly payments and I paid a large lump sum yearly. Our mortgage is paid off.

**A: there is no set formula. IFfshe paid more than you, she should get more than you.

[myfairshare]

I don't disagree with that comment, she should get more than me, but all my payments went to principal allowing us to pay the house off in seven years and I need to know how to figure out what percentage of the house is mine. Lawyers must use some kind of formulas to figure this stuff out and I just thought there might be someone out there who could inform me. All I can find is advice for married or common-law couples.

[HomeGuru]

Originally Posted by myfairshare

I don't disagree with that comment, she should get more than me, but all my payments went to principal allowing us to pay the house off in seven years and I need to know how to figure out what percentage of the house is mine. Lawyers must use some kind of formulas to figure this stuff out and I just thought there might be someone out there who could inform me. All I can find is advice for married or common-law couples.

**A: use a CPA.