QUESTION

We have a house that has multiple owners on the deed. I want to buy them out. I have been living in the house for 13-14 years doing all the repairs

Asked on Jul 16th, 2012 on Real Estate - New Jersey
More details to this question:
and paying all the taxex for 13 years. What is a fiar offer to them? What can I take into account for the repairs that have been done.
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1 ANSWER

Elder Law Attorney serving Toms River, NJ
Partner at Diana L. Anderson
2 Awards
You should probably start with the current fair market value of the property, and then discount that value by the dollars you have been spending on taxes and repairs.  There is going to be some give and take because while you have been doing the repairs and paying taxes, you did not indicate whether or not you have been paying the other owners any rent. It could be that the costs you have incurred would be off set by any rental charge they could have gotten for the property. 
Answered on Jul 18th, 2012 at 2:14 PM

Diana L. Anderson, Certified Elder Law Attorney This response is not legal advice and does not establish any form of attorney/client relationship

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