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When selling a home and dividing the equity, does each party

Customer Question
get equal equity, if one...
When selling a home and dividing the equity, does each party get equal equity, if one of the parties had occurred yet to upgrade the home. Should that debt be paid off first because it increase the home value and then divide the equity?
Submitted: 1 year ago.Category: Real Estate Law
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Customer reply replied 1 year ago
Accrued debt, not occurred yet.
Customer reply replied 1 year ago
Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call. Let me know if you need more information, or send me the service offer(s) so we can proceed.
Customer reply replied 1 year ago
I called the realtor and told him that I had three bills we previously agreed to pay off and I needed checks cut to them at closing. He told me that he would need an email with her copy to it and also from her agreeing that we will divide the money up like this or pay that or this or whatever
Answered in 13 minutes by:
11/10/2016
Real Estate Lawyer: Barrister, Lawyer replied 1 year ago
Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 39,490
Experience: 17 years real estate, Realtor. Landlord 26 years
Verified

Hello and welcome! My name is ***** ***** I am a licensed attorney who will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply,but rest assured, I am working on your question.

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Is this related to a divorce or a relationship split?

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Or some type of legal partnership or business venture?

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Is there any type of agreement that both parties will share the costs of any upgrades?

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thanks

Barrister

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Customer reply replied 1 year ago
A relationship split. Verbal contract and I do have verification of previous verbal contract via text. Text message stating she is backing out of verbal contract.
Real Estate Lawyer: Barrister, Lawyer replied 1 year ago

Ok, if there was a verbal agreement that the parties would split the cost of any improvements, then if only one person paid for them, then they should be reimbursed off the top for those costs and then any other joint debt would be paid off and then finally any surplus would be split evenly. (Assuming that it was a 50/50 ownership )

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If this gets in front of a judge, that is exactly how he would rule, considering that there is written evidence concerning the agreement to pay for upgrades equally.

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thanks

Barrister

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Customer reply replied 1 year ago
Does the text messages between the two homeowners be evidence of what was a verbal contract and now how she is backing out of verbal contract
Real Estate Lawyer: Barrister, Lawyer replied 1 year ago

Yes, exactly. Even if there was not a written contract on paper, a verbal contract is legally binding if the parties act on it. And the written texts just help to further strengthen the existence of the contract..

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thanks

Barrister

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Customer reply replied 1 year ago
Could I back out of a contract to selling the house, feeling as if I am the only one who is going to end up with nothing....except debt. She get's the 1/2 the equity, the realtor gets his share, the Realtors father put the new roof on the house, I had to give up my washer and dryer because the home buyer wanted them to be included with all the appliances. Plus, we are paying closings cost. I want to back out of this whole process, until I am comfortable with the portions that are to be divided amongst all parties involved. How do I go about my demands.
Real Estate Lawyer: Barrister, Lawyer replied 1 year ago

You could refuse to go forward, but you would legally be in breach of contract and the buyer could sue you for "specific performance" which is where a judge orders the transaction to proceed under threat of contempt of court and jail.

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Any division of the money doesn't really have anything to do with the buyer. That is between you and your partner.

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Now would the buyer sue you if you backed out?.... pretty unlikely because that would tie up things for a year before it got to court and cost thousands of dollars. But it is legally possible.

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thanks

Barrister

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Customer reply replied 1 year ago
Are you able to draft a letter of intent to seek legal action upholding verbal contract that has validity with text and emails that I have attached?
Real Estate Lawyer: Barrister, Lawyer replied 1 year ago

Unfortunately, I am not allowed to represent customers from the site or recommend anyone personally under my agreement with JustAnswer. Drafting legal documents would be considered legal representation.

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However, these are a couple sites that we attorneys actually use if we need foreign counsel in a state where we aren't licensed. Further, customers have consistently reported good results with these sites:

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www.martindale.com

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www.lawyers.com

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They screen their attorneys based on geographic location, area of practice, time in practice, cost and customer reviews.

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thanks

Barrister

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Barrister
Barrister
Barrister, Lawyer
Category: Real Estate Law
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Experience: 17 years real estate, Realtor. Landlord 26 years

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