QuoteReplyTopic: Selling share of property to co owners Posted: 20/April/2012 at 12:07
Hi I have a investment property with two other people as tenants in common with equal 1/3 share of property ,I want to get out of the property, the other owners have agreed to buy me out but can't work out how much to sell my share to them for, we bough the property for $360k and still owe bank $347k due to interest only ,the house has dropped in value to $330k(council valuation), when we purchased I payed $23k deposit and the other two payed 2.5k each if anyone knows how to work it out please help
Get a registered valuer to value the place, your share is a third of this. The co-owners may be prepared to pay that less one third of the current loan amount, or they may want you to drop your price a little. It's your decision whether you accept their offer or not.
The chance of finding someone else who will buy you out who is also acceptable to the other owners is slight, if you want out it may pay to accept their offer.
If you do sell, ensure the other owners refinance the place so that you are no longer responsible for one third of the loan. Check with the bank that this has been done before you sign off on the transfer.
I am NOT a lawyer. Anything said is NOT legal advice.
Please post your legal questions in a forum rather than sending a PM. Thanks.
Thanks martin Just a question on the idea above ,Once that has been applied it ends in a negative figure do I then minus that figure from the 23k deposit I paid? The other owners have mentioned to buy my share for 7-10k without giving a final figure.
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