Yesterday I attended the weekly SAR meeting, where I always leave with more knowledge than I came with! Eli Underwood, local Sacramento attorney with a statewide, who specializes in Real Estate Law and happens to be a Savvy Millennial shed some light on a growing trend: Boyfriends and Girlfriends breaking up and only one wants to sell the home they bought together.
According to the National Association of Realtors, nearly 10% of all home sales are unmarried couples. Putting your resources together to buy a home is a financially sound decision as opposed to wasting your money on rent.
Did you make this wise financial decision? You have accrued equity together, but now your home is intact but your relationship is not and you want to sell the house and your Ex doesn’t?
Well, you came to the right place to find out what to do next. You may have run into a realtor and told them “I want to sell my house, but my Ex boyfriend doesn’t! What do I do?” And they responded “Unfortunately the two of you have to agree to sell it together.” This realtor wasn’t aware of that you can file for a Partition.
Although the legal fees can range from $1,000 to over $20,000 if your house has accrued $100,000 in equity since you purchased it, it can be well worth it! The Partition will be approved by a court and you will be granted the right to sell the property and split the proceeds even if your Ex insists on staying in the home and keeping it.
Lastly, click here to find the perfect tune to accompany this home selling process.