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My ex spouse and I decided to buy a home 2 years ago. She…

Customer Question
My ex spouse and...

My ex spouse and I decided to buy a home 2 years ago. She had the credit and I had the money. I put down 50% on the property which allowed her toqualify for the loan required to buy it.(not a coincidence) I "gifted" her the funds into the escrow account. The property was titled as JTWROS. The relationship has deteriorated. The property has appreciated, of course. When the property is sold will we both receive 50% of the funds? She would pay off her note plaus whatever is left over and I would get my 50% of sale price as well?

Lawyer's Assistant: Because real estate law varies from place to place, can you tell me what state this is in?

AZ

Lawyer's Assistant: Has any paperwork been filed?

For the sale? no

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

Dont think so

Submitted: 1 month ago.Category: Real Estate Law
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Answered in 2 minutes by:
1/2/2018
Real Estate Lawyer: Loren, Lawyer replied 1 month ago
Loren
Loren, Lawyer
Category: Real Estate Law
Satisfied Customers: 36,313
Experience: 30 years of real estate practice experience.
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Real Estate Lawyer: Loren, Lawyer replied 1 month ago

When the property is sold the net proceeds will be paid to the owners if record in accordance with their prorata interest in the property, unless there is a written agreement, signed by the parties, stating a contrary arrangement.

So, yes, if you are a 50% owner, you are legally entitled to half of the net proceeds.

If (and only if) you are completely satisfied that your question is answered professionally and accurately, even if not the answer you were hoping to get, please remember to leave a favorable rating (click 5 stars in the rating section on this page). It is the only way that I am credited by JustAnswer for answering your question.

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Real Estate Lawyer: Loren, Lawyer replied 1 month ago

Did you have further questions? Have I answered your question? Please let me know.

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Category: Real Estate Law
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