Real Estate Law
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Answered in 3 minutes by:
8/11/2015
Roger, Lawyer
Category: Real Estate Law
Satisfied Customers: 32,630
Experience: BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
VerifiedHi - my name is ***** ***** I'll be glad to assist.
If the person is on the deed, then he/she would be a 50% owner along with you UNLESS the deed specifies a different ownership interest. Thus, even if the other person didn't put one cent into the property, he/she is still entitled to 1/2 of the ownership and equity. The same would be true with the loan.....if this person signed the loan documents, he/she is equally liable for the debt.
If the other person refuses to sell, you can file a lawsuit known as a "replevin" and force the sale........The Court will order that the property be appraised to set the value, then either party will have the opportunity to buy the other out. If there are no takers, the property will be sold and all debts retired (mortgage, unpaid taxes, etc.). The balance would be split between the owners equally or as ownership is designated in the deed.
Roger, Lawyer
Category: Real Estate Law
Satisfied Customers: 32,630
Experience: BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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