I own a condo with my ex-boyfriend. considering to buy the condo from him or selling it. I have paid all down payment of

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I am sorry to hear of this difficult situation.

Has he been living in the condo with you

If this went to court the court would examine your agreement if you had any and then would exam each of your contributions. So if you contributed 80% of the contributions you would be entitled an 80% interest in the property.

If you were to buy him out given the above example you would have to buy out his 20% and you would have to declare 80% of the capital gains tax as he gain would have to be 20% of the gain.

Do you see what I mean?

Yes if you owe 80%. You may owe almost 100% so you would get that gain. It is fair as you are going to get the equity.

Well that is unfortunate but I still think you can overcome the contract in court because you paid almost everything towards the property.

No. That is not exactly how it would work. If you want to claim much more of the value because you put in much more your boyfriend isn't going to have to get stuck with half the mortgage. So what you would do would be as I explained above, you would find out what percentage of ownership you have. You would get that percentage of the equity and that percentage of capital gains.

He would be  giving some credit for having his name on the mortgage especially if you couldn't get the mortgage without him.

If the court says that contract is binding then you each share in the equity equally.

So either the property would be sold and you would each take half of the proceeds. Or, you would buy him out at fair market value which would be 1/2 of the equity and then you take the full mortgage.

If the court says that contract isn't fair because you paid so much more than the court will decide what percentage you get in the same rules will apply.

If you sell it you get that example 80% of the equity. Or if you were to buy them out you would buy them out for 10% of the equity. If you buy them out you get the whole mortgage.

I think that a court is going to give you ownership based on what you each put into the property and I think the court will allow you to buy the property out from him at fair market value so if he is entitled to 15% of the value of the property then he would get 15% of the equity of the property based on fair market va

You definitely will need your own lawyer. You cannot rely on a notary.

What you can do to find a lawyer is one of the following things.

You can review the law society's suggestions on how to find a lawyer. Depending on where you live you may be able to consult with a lawyer for $25 for the first half hour:

https://www.barreau.qc.ca/en/find-lawyer/

Or you can check on a site called lexpert. This is a legal directory of leading lawyers and law firms throughout Canada and is well-respected by the legal community.
Here's the link to their website:

http://www.lexpert.ca/directory/find-lawyers-or-law-firms/

Does that help as a starting point?

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