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Buying co-owner out?

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  • 23-11-2005 4:14pm
    #1
    mathie
    Registered Users Posts: 5,102 ✭✭✭


    Hey,
    I bought a house with my sister a few years back and am looking to buy her out.
    Now say for simplicities sake we bought the house for 100K and its now worth 150K what would be my best option?

    Should I get a loan for 25K, pay her and get her to sign the house to me? Is that legal? Is there a better option?

    Thanks
    M


Comments

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    #2
    ronbyrne2005
    Closed Accounts Posts: 3,494 ✭✭✭ronbyrne2005


    he owns half the house =75k why you giving her 25k? you must have a 100% interest only loan if shes only entitled to 25k


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    #3
    gerrycollins
    Registered Users Posts: 1,799 ✭✭✭gerrycollins


    my understanding is that the house has to be sold as a complete unit from the two of ye to just u and u will be subject to stamp duty etc unless a solicitor can advise differently u cannot just remove a name from the deeds which could lead to difficultly later if u decide to sell the house as the sole owner


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    #4
    Shep Smythe
    Closed Accounts Posts: 40 ✭Shep Smythe


    gerrycollins wrote:
    my understanding is that the house has to be sold as a complete unit from the two of ye to just u and u will be subject to stamp duty etc unless a solicitor can advise differently u cannot just remove a name from the deeds which could lead to difficultly later if u decide to sell the house as the sole owner

    I didnt thinks Jerry Collins understood anything - the politician that is Jerry!

    S


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    #5
    gerrycollins
    Registered Users Posts: 1,799 ✭✭✭gerrycollins


    Shep Smythe wrote:
    I didnt thinks Jerry Collins understood anything - the politician that is Jerry!

    S
    u could at least give me the decency to insult me properly by spelling my name correctly
    plus what i say here is what i believe to be the way it works as i co own a house with someone and what i have said is similar to what my solicitor advised me when we were buying the house should one of us wish to buy out the other

    BTW whats ur answer u never gave one oh learned one?


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