I own half interest in a home in Florida with an X girlfriend.She is incarcerated
and will be for the next four years.She has no income or assets and wants to retain the home even though I am paying for all the repairs. The home has equity in the neighborhood of
35k total.I had planned on giving my interest in this home to her until my CPA informed me that if I dispose of the property I will roughly have a 9K tax liability I am on the quit claim deed but am not on the mortgage.I want to dispose of this property for financial reasons.I have paid the Real estate fees to sell the home.I am looking for ideas on this situation??
How about rent with a lease option on a (4) yr. contract. Figure a selling price. Take a down payment as "option consideration" and build in monthly money into the rent to be used toward a down payment when it comes due in (4) yrs. Negotiate a max. amount for the renter to be responsible for repairs. They pay utilities. You pay taxes and hold the title till the sale in (4) years, after your X is free to sign documents.
I failed to mention that she is uncooperative except for the fact that she wants to keep the house.Legally As half owner could I execute this without her being on board? I like the idea but I could not consumate the deal in four years without her consent? any thoughts?
Check with your real estate attorney
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