Subject: Clarification on Purchasing a House from Sale Proceeds in a Simultaneous Settlement During Separation

[llife]

Subject: Clarification on Purchasing a House from Sale Proceeds in a Simultaneous Settlement During Separation

Seeking Feasibility of an AI suggested solution....

Question:


I am going through a separation and looking to buy out my ex’s share of our jointly owned home. The house has a market value of $880,000, and we are considering a simultaneous settlement where we would sell the house to myself for $490,000 and, in doing so, use the sale proceeds to purchase the house outright in my sole name, removing my ex from the title.

How This Works (As Suggested by AI)​

1. The house is sold to me for $490,000, and in doing so:
   • The $490,000 sale price is used to purchase the house,
   • The equity becomes temporarily available on paper, allowing the funds to be used for purchase in the same transaction without needing cash or a loan.
2. The $490,000 from the sale is then used to:
   • Pay off the existing mortgage,
   • Give my ex a payout, as part of the property settlement (even though their equity share is lower, I plan to offer them more to settle the matter).
3. Once the mortgage is cleared and my ex has been paid, the property title is transferred solely to me.

My Question:​

Is it legally possible to carry out this simultaneous settlement, where:

• We sell the house to me,
• The $490,000 sale price is used to purchase the house,
• The mortgage is paid off,
• My ex receives their payout,
• And the title is transferred to me in one transaction—without needing additional cash or borrowing money?

Note: An AI solution suggested this approach, and I would appreciate confirmation of its feasibility and any guidance on how to structure the transaction properly.