What is the name of your state? AL
Here are the facts:
- Myself and three others purchased a house together
All four of us are on the title
Partner A and B are on the loan
Myself and Partner C are not
Partner A wants his name off the loan and the title
Myself, Partner B, and Partner C will continue to live in the house
THe house was purchased pre-construction and appraised at aprox. $20,000 more than the loan
We've paid on the house for aprox 1 year
No contract was signed between the four of us
What legal obligations do we have to Partner A as he is leaving the investment?
Are we legally obligated to pay him money? If so, how much? What he has contributed over the past year or can he legally take a percentage of the equity? How does the loan interest factor into the equation if at all?
On a personal note, we initially planned to live in the house together for 2 years and then sell. Partner A is in some ways hanging us out to dry as our payments will increase considerably.
Help?What is the name of your state?
11-17-2007, 11:15 AM
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