Home Purchase with Boyfriend

[pmchad]

What is the name of your state?Virginia
Two months ago, my boyfriend of 4 years and I purchased a new home. We both had condos that we sold and used the money from the sales to purchase the new property jointly. Well, two months later, he wants out. He had a deed drawn up for me to sign and told me that he would write me a check for EXACTLY what I put into the purchase of the new home. Here is my dilemma-I know that there is more equity in the home(it appraised for more than our purchase price) and the market here is booming out of control. Also, I cannot afford to move back onto a home comparable to the one I was living in before we made this joint venture. Am I entitled to any compensation other than what I put in? Or do I have to chalk this up to one of life's lessons?

 

[JETX]

What is the name of your state?Virginia
Two months ago, my boyfriend of 4 years and I purchased a new home. We both had condos that we sold and used the money from the sales to purchase the new property jointly. Well, two months later, he wants out. He had a deed drawn up for me to sign and told me that he would write me a check for EXACTLY what I put into the purchase of the new home. Here is my dilemma-I know that there is more equity in the home(it appraised for more than our purchase price) and the market here is booming out of control. Also, I cannot afford to move back onto a home comparable to the one I was living in before we made this joint venture. Am I entitled to any compensation other than what I put in? Or do I have to chalk this up to one of life's lessons?

Go out and get a PROFESSIONAL appraisal of the property, then tell the 'real generous SOB' that if he wants your HALF of the property, he needs to give you EXACTLY one half of the appraisal... less the current pay-off of the mortgage. When he gives you a cashiers check in that amount, you will be glad to sign a quit-claim deed removing you from the title.

However, you very likely have another problem that you haven't mentioned... that being your obligation on the mortgage. Is your name on the mortgage?? If so, you will remain obligated to make payments (whether he defaults or not) until such time as the mortgage is paid in full. Your best option is to also INSIST that he sell or refinance to remove your mortgage obligation.