Q: A law or formula governing buying out a person that has equally purchased a piece of property?
A:
You are asking, as I understand, how to determine the amount you should pay to buy the other person's share.
You would pay the other person half of the value of the property, less half of what is owed on it. If you don't know the value of the property, you should get an appraisal. Before you pay the money, you should also negotiate which of you pays the closing costs associated with the sale, including "doc" stamps, attorney fees, appraisal, etc.
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