Real Estate Law
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OK, got it on 1 & 2 above...
As to 3, and just to be sure, since Brother A was the only one could qualify to be on the mortgage (Bother B is simply a guarantor), and the only one with income, Brother A made all monthly payments, etc on the property ($100K to date); as mentioned above, Brother B put up $25K for the downpayment and has not paid any of the ongoing payments toward the property since the original purchase was made, but both Brothers are tenants in common, so regardless of the expenses paid by Brother A, in the absence of any other agreement, if the property sold today, and there was $100K in equity, BOTH Brothers could receive $50K (expenses are NOT considered) ??
Brother A was absolutely certain that all his monthly payments would be considered in the final distribution, since this is NOT the case, would it be advantageous for Brother A to file the partition suit and simply move the Court to allow him to "purchase" the property ? If so, and Brother A is already the only one on the mortgage, how does Brother A actually "purchase" the property - especially as he is the only Brother on the mortgage ?
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