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04-03-2008, 08:53 AM #1
Renter
- Join Date
- Mar 2008
- Location
- Lancaster, PA
- Posts
- 3
What is fair compensation
My daughter used her credit and my husband and I used our money to buy a home 4 years and 6 months ago. Her and her daughter lived in the house for 3 yrs. 5 months. While she lived here she paid half the monthly mortgage payment. My husband and I paid the other half. When she moved out, we paid the full payment. Taxes and insurance are escrowed and a part of mortgage payment. We had her sign house over to us with a quit claim deed and refinanced. Her total payments in mortgage is $15,622.82 and she paid $350.00 towards repairs and remodeling. Total she paid is $15,972.82. Until the date that we took over, we paid 23,092.82 in mortgage and 11,372.54 in repairs and remodeling. We plan on selling the house. We agreed that we would give her money at time of sale. Based on the amounts above, do you feel a profit of 30% for her and 70% for my husband and I is a fair amount. While we do not mind giving money to our daughter we have some concerns about that due to her lifestyle. Thanks for your input!! Denise Mack
Last edited by iamdeemack; 04-03-2008 at 08:56 AM.
Denise A. Mack
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04-03-2008, 02:40 PM #2
Condominium
- Join Date
- May 2007
- Location
- Ohio
- Posts
- 111
I think I also saw you post something about your daughter claiming the interest on the house on her taxes. I'm not licensed, and specially not an accountant or attorney so I do not know about that. This on the other hand, seems to me more of a family matter. You are mixing how much is "fair" to give your daughter with judging what you think she will do with the money.
It is hard for me to suggest to you what to do because you know all the variables and she is your daughter but, from the numbers I would say 33.5% to her and 66.5% to you and your husband. Just my opinion.________________________
I do not have a real estate license. I'm just the average Joe.
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