My husband and I made a horrible mistake. Three years ago we were very backward in our house and our son in law and daughter suggested we all live together to save expenses. We could not purchase a home with our already having the one so my daughter put the new home in her name. We were told we had to show a gifting letter to her for the $52,000 we put down on the home. They also borrowed $20,000 from my son-in-law's father at no interest. They lived with us for a year but saved nothing to put towards the home. I was babysitting my grandchildren full time while all of this happened. They lived in the home for three years and drug their feet on getting the remodel and having the mother in law built. Once the children got into school and received full time day care at the school they began causing arguments and finally told us they did not want to move together. Now they say they paid mortgage
for three years so all of the profit for the home should come back to them. For our $52,000 they will give is a $1,000. The profit on the house after they took out all the paint they ever bought (the house was in good repair when we bought it) and every repair they ever did was $30,000. They say all of that is theirs because they paid in $15,000 on principle. We say we had to pay our mortgage ($4,300 per month) while they drug their feet and the profit should be split. Though we did write the gifting letter we have plenty of emails showing the intent of us moving there. What is the appropriate split on money and what are the laws of two parties purchasing a home together and one getting to live in it? Thank you for your help on this.
JA: You just pay a $5 deposit now and the rest only when you get a reply from the Real Estate
Lawyer. All of this is 100% satisfaction guaranteed, so you can get a refund if you're not happy for any reason. Because real estate law varies from place to place, can you tell me what state this is in?
Customer: Oh, and my son in law's father's money was taken out before that profit.
JA: Has any paperwork been filed?
Customer: As far as our ownership of the house?
JA: Anything else you want the lawyer to know before I connect you?
Customer: No. I don't think so.