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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Customer: Second Opinion] 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 75000 CAD. he paid 800 $ of half of notary fee only. JA: What steps have you taken so far? Have you prepared or filed any paperwork? Customer: I have not done anything yet. I have just spoke with Bank to confirm that i can refinance mortgage by myself. JA: Where is the condo located? Customer: App 6 - 2100 DUFRESNE, Montreal, QC, H2K0A7 But in the sale contract with notary, apparently it is said to share capital gain 50-50. The contract was in French and I had my ex to translate or the notary who didn't speak English well explained what it is written. I have added a note to mention how much I have put in down payment so my downpayment is secured however He is saying that I have to say However he is saying I have to pay : - Half of his capital gain - Half of mortgage we have paid so far I would feel that is super unfair. I would feel that my cut should be considered as Downpayment + Half of mortgage = 72% His part of financial ownership " Half of mortgage 28 % should be applied when calculating capital gain. Do you think it can be accepted legally ? JA: Is there anything else the Lawyer should know before I connect you? Rest assured that they'll be able to help you. Customer: What he is saying is that I would pay him around 30000CAD (for half of plus value + half of mortgage we paid ) out of 800 Cad his investment that is 2600% return.
Answered by Debra in 16 mins 1 year ago
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Debra
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Debra, Expert

Hello and Welcome to JustAnswer. My name is***** will be working on your question today and I am looking forward to our conversation.

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Debra, Expert

Please note that I am working from my computer and not actually texting. If you don’t answer back for a while I may not be online when you do but I will never desert you and will check back often. As well, as I am working from home it is possible that I will be interrupted but I will always return back as soon as I can.

Finally, although the site offers a call option I personally do not take calls but just work online. Some find this confusing as it looks like the offer is coming from me but that is just how the site presents the offer and it really isn’t coming from me. Some of the other experts do take calls and so you are very welcome to request a call on this post and an expert may take it. They will have the benefit of reading our exchange which should work out very well for everyone involved!

Customer
i am here
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Debra, Expert

I know your question is important to you and I will be giving it the time and attention it deserves.

I am sorry to hear of this difficult situation.

Has he been living in the condo with you

Customer
Hello thank you for your response.
Customer
We rented it out since the beginning of our purchase. but I am moving to the condo from Aug since the tenant agreed to move out and I needed somewhere to stay
Customer
we purchased it 2019 Apri and signed mortgage for 30months which ends by this September
Customer
The best way for me is that I pay him at least pay to deserve fairness that he borrowed name to purchase the condo. Apart from that, he didn't pay anything so i don't think he deserve to be paid aound 30,000 CAD from 800 CAD he paid as capital gain.
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Debra, Expert

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?

Customer
I got it. you mean i will get 80% of capital gain
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Debra, Expert

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.

Customer
own ratio in the contract say 50- 50
Customer
but financially, I have paid 75000 CAD (Kanako) > that is written in the contract
He paid 800 CAD (Philippe) >> written in the contract
selling price 197000 cad
Mortgage : 110000 cad
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Debra, Expert

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

Customer
What I wanna know is -
Can I be entitled to get like this,
75000 (CAD) + 12000(CAD) = 87000(CAD ) ( I put additional 12000CAD while paying the mortgage)
110000 /2 = 55000 (Half of Mortgage )my ownershipt 87000 + 55000= 142000
142000 /197000 = 0.72 >>> 72% of financial owner shipPhilippe : 800 + 55000 = 55800
55800 /19700 = 0. 28 >> 28% of financial owner ship
Customer
Is this understanding legally correct ?
Customer
I want to divide capital gain based on the above 72% VS 28%
Customer
Do you think it is possible ?
Customer
May I also know if ownership says 50-50, am I supposed to pay back half of the mortgage We have paid in the past ?
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Debra, Expert

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.

Customer
No. That is not exactly how it would work.
>>>Are you replying to me about this question ?
" May I also know if ownership says 50-50, am I supposed to pay back half of the mortgage We have paid in the past ?"
Customer
owner ratio is 50-50 that is mentioned.
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Debra, Expert

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.

Customer
OK, and you are saying second choice is more likely to be accepted ?
Customer
Do you think I was new in Montreal, not speaking in French. My English was not perfect nor Notary.
Philippe translated many of clause..
Customer
I have even sent the mail to confirm this capital gain but Notary didn't reply. and She said it will be Ok....
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Debra, Expert

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

Customer
sorry, Do you think the above fact can be considered ?
Customer
Sound great. 15% is fair price
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Debra, Expert

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?

Customer
thank you.
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Debra, Expert

Thank you for trusting us to help you here at JustAnswer.   If you need more clarification or have a follow-up question just reply and we can continue our dialogue. If you would like to ask me new questions please start a new post and if you do if you say “This is only for Debra” I will be sure to give your post top priority.

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