T
TetsukoMe
Guest
I bought an apartment 7 years ago with my brother, I now want to buy him out. He no longer lives in the apartment so that's not a problem.
My question is, what's the procedure? My guess is:
- Get a couple of valuations
- Find out how much is owing on the mortgage
- Subtract one from the other
- Divide it in the correct proportion
- Give him that money
Some questions:
- Am I right with the above?
- I'm concerned that he will want money back for all items purchased e.g. carpets, furniture... Is this factored in? If so, how is the depreciation calculated?
- Are there any other deductions I should be taking into consideration when calculating how much money he should receive?
Thanks!
My question is, what's the procedure? My guess is:
- Get a couple of valuations
- Find out how much is owing on the mortgage
- Subtract one from the other
- Divide it in the correct proportion
- Give him that money
Some questions:
- Am I right with the above?
- I'm concerned that he will want money back for all items purchased e.g. carpets, furniture... Is this factored in? If so, how is the depreciation calculated?
- Are there any other deductions I should be taking into consideration when calculating how much money he should receive?
Thanks!