Summary
In Wisconsin, under a Tenancy-in-Common Agreement, your buyout share is based on your ownership percentage and the outstanding mortgage balance. Typically, the total property value is reduced by the mortgage balance before calculating your share. Deducting another partys share first is not standard practice. Consulting a real estate attorney can help ensure a fair calculation. Consider discussing specific clauses in your agreement, such as Section 3.06, which outlines purchase price determination, with a legal professional.Full Conversation
The way she was doing the math was taking the mother's share out of value first, then deducting the mortgage before splitting the remainder, which didn't sound right to me at all. Also, would it be fair to only take out my half of the mortgage from the final price?
In a Tenancy-in-Common Agreement in Wisconsin, the calculation should involve:
- Total property value minus the outstanding mortgage balance.
- Then, your buyout share is calculated based on your ownership percentage (*%).
Deducting the mother's share first isn't standard. Have you considered consulting a real estate attorney to ensure a fair calculation?
I have, and I'm looking at my options.
It's good that you're exploring your options. Given the complexity of the situation, consulting a real estate attorney would be wise. They can provide guidance on ensuring the buyout calculation is fair and compliant with your agreement. Would you like help finding a local attorney who can assist you further?
Yes, someone affordable, please. I live in Stoughton, WI.
Case Rating: *
It sounds like you have a high-value case regarding the buyout calculation under a Tenancy-in-Common Agreement. Would you like to be connected to local lawyers who can better assist you with your case? If so, could you provide a bit more information about the issue?
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Case Rating: *
It seems like a high-value case due to the complexity of property division under a Tenancy-in-Common Agreement. Could you provide a bit more information about the issue, such as any specific clauses in your agreement that might affect the buyout calculation?
SECTION *.*. PURCHASE PRICE. The purchase price for an Interest in the Property pursuant to Sections *.*, *.*, and *.* shall be as follows:
(a) Transfers to Third Parties. If the transfer is pursuant to Section *.* hereof, the purchase price shall be equal to the "Property Value," as hereinafter defined, multiplied by the percentage Interest to be so transferred less a discount of five (*) percent. "Property Value" means the price, as of the Valuation Date (defined below), which a willing purchaser would pay and a willing seller would accept for the Property, and both the seller and purchaser being fully informed of the relevant facts and neither being under a compulsion to purchase or sell. The Property Value shall be the amount determined by an independent appraiser to be agreed upon by the purchaser and the seller. The purchaser and the seller shall each be responsible the fees of the appraiser in proportion to each party's interest, upon completion of the sale transaction.
Case Rating: *
Would you like to be connected to local lawyers who can better assist you with your case? If so, could you provide a bit more information about the issue?
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