Quote:
Originally Posted by Dr.Fad What is the name of your state (only U.S. law)? California
My brother and I were jointly left a set of flats when our mother died, both of
us were on the title. To pay some related costs, we needed to take a loan out on the house but because of my very bad credit, my brother convinced me to sign a quitclaim so he could get the loan. I live in one of the flats, he has another residence.
Now he wants to sell and says since he holds the title the house is solely his and I have no claim whatsoever. HELP! |
**A: brother has a point and is correct with the exception of this; if you are paying in whole or in part the actual mortgage, insurance, real property taxes, repair and maint. payments etc., then you have a claim of equity in the property. Notwithstanding, if you are living at the property and paying nothing or paying your brother rent, you would be considered a tenant with no property ownership rights. Lastly, you may have an established equity position that being the value of your interest in the properties at the time you quit claim deeded the property to your brother for financing purposes.