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I need some advise regarding a corner lot that me and my ex-girlfriend bought 2 years ago (June 2009). This lot is under both of our name (as buyers). Our agreement was for us to pay the whole lot equally in a span of 2 years (to avoid interest from the land developer). There will be an interest though if we failed to pay our monthly amortization. We both have a checking account and we pay the lot by us issuing two different checks. When we got separated late last year, we issued checks to our developer that will settle our remaining balance up to mid 2011. Initially, the amount I’m paying for the said lot is slightly higher than her. So, when we were settling the remaining balance, her share was higher this time. After issuing the checks, we go our separate ways.
Early this year, she told me that she can no longer pay her share. My first concern was the interest it will incur for not paying the monthly amortization. She informed me that our land developer still didn’t have the mother land title thus, no interest will be given to us. I asked her for a documented copy of this term coming from our land developer but she hasn’t given me any feedback about it. Since I don’t have any plans on selling my part, she suggested that I can pay her part. She also agreed to the idea of me paying her thru installment that will take 2-3 years. In return, the land title will be only under my name.
Now, she gave me two options:
1. If I want the land title to be under my name, I should pay her in full at the current market value price. The only deduction will be for the months she failed to pay. This is under the premise that the share is 50% to me and to her.
2. The land title will be under both our name and we sell the property. Divide the amount in half and her allowing me to deduct the months that she failed to pay plus the interest if there’s any.
I really don’t want to sell my part and I’m not sure if I should pay her with the current market value price. I also find it unfair if she’ll insist that she will not pay the interest since she’s the one who failed to do her responsibility of paying it. Furthermore, if I’m the one who’ll pay the remaining balance, then isn’t it that our share should not be equally divided to us (50/50)? From what I understand, the percentage (ownership of the lot) should be based on the amount that we’ve paid.
Hoping to have some advise… any inputs would be greatly appreciated. Thanks a lot!
Early this year, she told me that she can no longer pay her share. My first concern was the interest it will incur for not paying the monthly amortization. She informed me that our land developer still didn’t have the mother land title thus, no interest will be given to us. I asked her for a documented copy of this term coming from our land developer but she hasn’t given me any feedback about it. Since I don’t have any plans on selling my part, she suggested that I can pay her part. She also agreed to the idea of me paying her thru installment that will take 2-3 years. In return, the land title will be only under my name.
Now, she gave me two options:
1. If I want the land title to be under my name, I should pay her in full at the current market value price. The only deduction will be for the months she failed to pay. This is under the premise that the share is 50% to me and to her.
2. The land title will be under both our name and we sell the property. Divide the amount in half and her allowing me to deduct the months that she failed to pay plus the interest if there’s any.
I really don’t want to sell my part and I’m not sure if I should pay her with the current market value price. I also find it unfair if she’ll insist that she will not pay the interest since she’s the one who failed to do her responsibility of paying it. Furthermore, if I’m the one who’ll pay the remaining balance, then isn’t it that our share should not be equally divided to us (50/50)? From what I understand, the percentage (ownership of the lot) should be based on the amount that we’ve paid.
Hoping to have some advise… any inputs would be greatly appreciated. Thanks a lot!
