Need Real Estate Advice
I own a 50% interest in a 2 unit rental property. There is a possibility I will have to move out of province in the next 6-12 months. If that happens, my business partner will buy me out. What I am wondering is:
1. Costs: Who should pay the Lawyer fees, Bank Fees and Land Transfer Fees? Should my having instigated the situation obligate me to pay for certain fees, or most of the fees? Or perhaps 50/50? What is fair?
2. Market Value: What is the fairest way for both parties to come to a valuation? By the time we finalize this, we will have owned the property for about 2 years. Independent appraisal or perhaps use published real estate reports for the last couple years?
We are both reasonable people, and I don't foresee there being any trouble coming to a fair outcome. I'm just looking for some opinions or advice from anyone who has maybe dealt with a similar situation. Is there anything else I should be aware of?
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