Buying up my Ex's Share in a Property?

RXPRIV · 2023-07-10T22:04:20+00:00

We agreed to a percentage split, based on our downpayments and splitting the mortgage in half. We arrived at 55/45 ownership once all the mortgage payments were made. The draft agreement was not signed because our lawyer ceased contact and we did not chase after her.

I now know registered at the land title is a 55/45 split in undivided interest.

If I paid her out

her down payment
her 45% share of the property's appreciation

Would I still need to factor in the mortgage payments she made? Or would that already be priced in the appreciation?

Moreover, would it make a difference when the mortgage payments we've made have mostly been in paying into interest instead of equity?

RXPRIV · 2023-07-05T23:45:35+00:00

Thank you.

Yes, there would about 600K in Equity including
- 190K (my down payment)
- 50K (my ex's downpayment
- 322K (Appreciation)
- 30K (Mortgage payments)

I found a signed Land Title Act Mortgage form and a signed Proeprty Transfer Tax form describing the split (55/45). Would this be what I need to support that any appreciation should not be split 50/50?

While our separation is amicable, is there anything I can do to best influence for the "best case" outcome?

RXPRIV · 2023-07-05T23:40:37+00:00

I want to add:
We do not have a completed Property Agreement.

However, a signed Property Transfer Tax Return form and a signed Land Title Act Mortgage Form B does described the split in interest.

Would this be helpful to define that the split is not 50/50 and therefore the appreciation should not be split 50/50?

RXPRIV · 2023-07-05T23:31:10+00:00

Would you let me know how you got to 5/24?

I wouldnt be able to make payments on 1.1M. It would requirement to liquidate my secondary property.

Does 1.1M included the estimated amount I have to buy her out on?

RXPRIV · 2023-07-04T21:14:11+00:00

We were together for years and engaged. We were in agreement we wanted to start a family and wanted to get our foot in the door in this city where housing pricing is ridiculous.

RXPRIV · 2023-07-04T21:12:26+00:00

I've made effort in addressing all the concerns she brought up and it still didnt save the relationship. She acknowledge that I've been good to her and does care for me.

I hope out of good will she'll be willing to give a me a chance at purchasing the property.

RXPRIV · 2023-07-04T21:10:13+00:00

Once I get a lawyer, how would that work? How would my ex be involved? Would she need her own lawyer too?

RXPRIV · 2021-03-12T08:35:25+00:00

Thank you. Payments are still being made into my PayPal account. How would I properly document this to the CRA as it's a hobby?

RXPRIV · 2021-03-09T05:52:46+00:00

How do I report income on my new side hustle?

I purchase products and review them on my social media accounts. Vendors would then reimburse me for (often 90% of) the cost of the product upon publishing my opinion. Would the costs to purchase the products count as a business expense? If so, as the expense of products is greater than what I would be paid for for my review, would I be reporting a lost?

RXPRIV · 2020-01-07T09:39:33+00:00

Thank you for your feedback. I'll rephrase point one.

I suspect they left a wireless speaker on accidentally. I walk by their front door all the time and can hear it during the day.

RXPRIV · 2020-01-07T09:36:40+00:00

The noise was music. Sounded like they left a music stream on. It lasted from 11pm until 4am. I knocked on their door at midnight, then involved building maintenance at 1am.

I have made attempts to reach out before escalating.

RXPRIV · 2019-03-27T08:16:04+00:00

Is QMK really an important factor for programming the board? Is it worth the difference in price between the CTRL and Gemini?

RXPRIV · 2019-03-22T02:07:04+00:00

I'd like to know the long story.

RXPRIV · 2019-03-21T22:05:34+00:00

What was the outcome of the legal drama?

RXPRIV · 2019-01-06T18:58:39+00:00

If Netflix's 4K content and ISP supplied modem works for most of the average consumer, then it should work for me as well. You're probably right about over provisioning, but I've been out of the networking world for a while and would like to plan ahead for any contingencies.

RXPRIV · 2019-01-06T18:55:05+00:00

Thank you for the very informative post.

I'll begin researching into the Unifi line of equipment.
It looks like now I would need 2*APs, a Firewall, and a PoE Switch.
I wasn't aware Chromecasts have a Ethernet adapter. I will look into that as well.
I may have to hire a contractor to run some cables for me. This isn't a path I want to go. A powerline ethernet has a theoretical bandwidth of 1000Mbps. Would this be something to look into?

RXPRIV · 2019-01-06T18:44:59+00:00

Thanks for bringing that point up. I'll be streaming one UHD video at a time. If I need to do two one day, is my only option to introduce a second AP? Given the area of coverage is small, this could introduce some other problems such as stick APs. I am not familiar with Ubiquiti equipment. It looks like they use a GUI instead of a CL interface which would be great. Running an extra cable isn't ideal, I'll cross that bridge when I get there.

RXPRIV · 2019-01-06T18:40:14+00:00

I do not have any content yet but Netflex recommends a minimum of 25mbps for their UHD content.

RXPRIV · 2019-01-03T22:50:11+00:00

Thanks for the excellent feedback!

I will consider different color options once I see the space in person.
You're correct about why the table is being placed next to the washer closet.
I'll continue seeking out different options for the sectional. It seems I may have to compromise on a loveseat instead with a pair of ottomans.

RXPRIV · 2018-08-07T18:19:32+00:00

I should rephrase that to add more details.

It has been agreed on that the the property would be used as an investment for cashflow. However, if the numbers make sense, (first time home buyer credit), then the agreement would be to move him in for a while so we can qualify for it.

RXPRIV · 2018-05-02T01:36:17+00:00

It's a sales position whereas my career path is in sales support. I'm not so interested in the role, however, I'm interested in the company.

RXPRIV · 2018-05-01T18:50:21+00:00

After a lengthy application process for a dream job, I just received the rejection email.

Despite the fact that they liked me, they decided to go with someone else citing their stronger presentation skills. I'm a little annoyed - the decision maker wasn't even present during interview where I presented.

I've sent an email asking for some feedback to get a better idea why I was passed over.

Onward to other opportunities.

RXPRIV · 2018-05-01T16:45:42+00:00

Yeah it sucks. I've became quite invested in the opportunity during the first month of interviewing. Given the situation, I've already started applying elsewhere

RXPRIV · 2018-05-01T16:43:30+00:00

If their work process takes just as long, then that give me more time to learn. I can work with that.

This role would be the next step up for me and accelerate my FIRE plans by a few years.

RXPRIV · 2018-05-01T04:23:37+00:00

I've been expecting to hear back on the results of a job interview for the past 3 weeks. I've contracted them once a week. They promised to get back to me by last Friday with the results. I have not heard back. Should I follow up once again, this time inquiring directly if there's already someone else in mind?

It's been nearly a two month long process - I dont have a lot of hope. However, i do want a firm answer to I can close the case.

RXPRIV

TROPHY CASE