selling my half of a duplex

[beachrental]

What is the name of your state? CA
I co-own a duplex with a partner. I am selling my half to a third party. We have settled on a price but my partner says I must discount this price by the amount of realtor's commission (2.5 % - would be my share) even though we are not using a realtor. We have approx $275,00 equity in the house and owe $675,00. What is the procedure?

 

[BelizeBreeze]

What is the name of your state? CA
I co-own a duplex with a partner. I am selling my half to a third party. We have settled on a price but my partner says I must discount this price by the amount of realtor's commission (2.5 % - would be my share) even though we are not using a realtor. We have approx $275,00 equity in the house and owe $675,00. What is the procedure?

Although a realtor is advised, there is no provision in law that REQUIRES a realtor to sell a home.

 

[JETX]

What is the name of your state? CA
I co-own a duplex with a partner. I am selling my half to a third party. We have settled on a price but my partner says I must discount this price by the amount of realtor's commission (2.5 % - would be my share) even though we are not using a realtor.

Why does he think you are somehow obligated to pay an agent commission.... and to who??
You have NO obligation to pay anyone..... unless an agent by contract.

What is the procedure?

Procedure for what??

 

[seniorjudge]

Q: What is the procedure?

A: Tell the partner to bite big rocks.

 

[HomeGuru]

What is the name of your state? CA
I co-own a duplex with a partner. I am selling my half to a third party. We have settled on a price but my partner says I must discount this price by the amount of realtor's commission (2.5 % - would be my share) even though we are not using a realtor. We have approx $275,00 equity in the house and owe $675,00. What is the procedure?

**A: how does one sell half of a duplex anyway? Is there a chain saw invovled?

 

[BelizeBreeze]

**A: how does one sell half of a duplex anyway? Is there a chain saw invovled?

Only under the Texas Chainsaw statute

 

[HomeGuru]

Only under the Texas Chainsaw statute

**A: No, I am not joking. That was a real question.

 

[seniorjudge]

**A: how does one sell half of a duplex anyway? Is there a chain saw invovled?

Just a guess: Maybe he's trying to turn a duplex (kind of building) into a condominium (kind of ownership)?

 

[BelizeBreeze]

**A: No, I am not joking. That was a real question.

ahhhh.....
In any event, PARTITION is the answer depending on if the poster is talking about the entire building or a simple sales if the poster is talking about a divided building with each person owning their 'resident' half.

 

[HomeGuru]

OK, hopefully the writer will respond.

 

[beachrental]

We own it jointly and I am selling my share of the property to a third party (my partner's sister).

 

[Some Random Guy]

So now it comes out. Your partner wants you to agree to be a moron and give his sister a better deal by knocking $22,500 off of the price.

I agree with da judge: Tell the partner to bite big rocks.

 

[HomeGuru]

We own it jointly and I am selling my share of the property to a third party (my partner's sister).

**A: then my point is proven, You can't sell half of a duplex.

 

[JETX]

I think that this post has gotten confused... and confusing.

The INITIAL post was:

I co-own a duplex with a partner.

He and his 'partner' each own half of a duplex PROPERTY!!

I am selling my half to a third party.

He is selling his half of the duplex PROPERTY to his partners sister.

We have settled on a price but my partner says I must discount this price by the amount of realtor's commission (2.5 % - would be my share) even though we are not using a realtor.

Tell your partner to stick it!! You do not have to offer him or his sister a discount on the property. Sell it to them at the price YOU want to sell... or keep it and sell it to someone else. Let your partner deal with an UNKNOWN 'new' partner!!

We have approx $275,00 equity in the house and owe $675,00. What is the procedure?"

Very simple. After all the math, you have a JOINT equity of $400,000. If you want to sell your half, do it for the $200,000.... your share of the equity, less any associated costs (appraisal, closing, etc,), plus 50% of the pre-paids.

Personally, I wouldn't offer a realtor agent commission... unless one was involved in the sale.
Look at it this way.... this 'sister' deal may very well be a way to allow your partner to get 100% ownership (and even more likely since he is the one demanding the discount). Why would you want to give your partner an agent fee..... to buy his own property??

 

[HomeGuru]

Thank you for your clarification.