Real Estate Law
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Answered in 8 minutes by:
4/8/2011
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 66,735
Experience: 21 years real estate, Realtor. Landlord 29 years
VerifiedHello,
.
Is the co-buyer on the deed?
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What do you mean when you state the other person contributed $35K in equity?
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Did he put money towards the house?
.
.
thanks
Barrister
.
.
There may be a time lag between my replies as I am typically working with several customers at any given time, but rest assured, I will get back with you as soon as I am able.
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If you need additional clarification on this question, just click "Reply" and I will be happy to help you. Please give me as much detail as you can so that I can respond after receiving all the relevant details.
Ok, then if he is on the deed, he would have an equal ownership interest in the property. With that said, if his financial contribution was less than yours, you could make the argument that you should both be able to recover your investments in the property.
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If you were paying all the taxes and insurance on the property, you could claim half those because they are the equal responsibility of both owners.
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So if this were to get in front of a judge, I would opine that he would add up the amount you paid towards the mortgage, your initial downpayment and half the taxes and insurance and come up with a figure. The judge would then add up his 35K and his $450 per month and come up with another figure. Then the judge would figure out your respective percentage contributions and order a division accordingly.
.
.
thanks
Barrister
.
.
There may be a time lag between my replies as I am typically working with several customers at any given time, but rest assured, I will get back with you as soon as I am able.
.
If you need additional clarification on this question, just click "Reply" and I will be happy to help you. Please give me as much detail as you can so that I can respond after receiving all the relevant details.
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 66,735
Experience: 21 years real estate, Realtor. Landlord 29 years
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The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service.
