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Husband owns home with 3 other people

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K

Kupback

Guest
What is the name of your state? Pennsylvania

My husband owns a vacation property with 3 other people(brother, ex sister in law and her sister)....about 8 years ago he had contacted one of the owners (who was always the one to handle the financial ends) to tell him that he no longer had any interest in the property and that he (my husband) would like to be bought out. For the past 8 years my husband has not paid into the home. He recently received a phone call from one of the other owners stating they they would like for my husband to sign a quitclaim deed so that they could refinance the home. My husband had just read up on what a quitclaim deed was and he is a bit bothered as he did make an initial investment in the property. My husband had paid his portion of the mortgage and expenses for the first 8 years - the past 8 years he had not. Before my husband signs a quitclaim deed, is he entitled to any financial reimbursement?
Thanks :)
 


K

Kupback

Guest
Thank you for your replies :) It being that my husband had not paid anything into the propety for the past 8 years, would he be considered as abandoning the property? Thank you all for your asistance it is greatly appreciated :)
 

HomeGuru

Senior Member
Kupback said:
Thank you for your replies :) It being that my husband had not paid anything into the propety for the past 8 years, would he be considered as abandoning the property? Thank you all for your asistance it is greatly appreciated :)
**A: that is a falr claim that the other property owners could make. What was the agreement during the time he stopped paying anything?
 
K

Kupback

Guest
HomeGuru said:
**A: that is a falr claim that the other property owners could make. What was the agreement during the time he stopped paying anything?
8 years ago, my husband spoke with one of the property owners (his brother who was basically in charge of the finances with the homes) and told him that he no longer had an interest in the property and that he would like to be bought out. The other property owner told him "Oh, I see what you are doing."...what was meant by that my husband has no idea. The property was orginally bought by my husband, his brother and wife and her sister. There have been some estrangements in the past 8 years....his brother and wife have divorced (he has since re-married), the sister has married - all three people seem to still be working together with the property, which is great. My husband has been estranged from his family for about 7 years now (which is a whole other issue LOL). When he spoke with his brother about buying him out his brother did say OK..but nothing was done by any of the parties at the time..probably primarily due to my husband being estranged from his family. The situation is unfortunate, but my husband doesn't want to feel as if he is being taken for a ride..he would at the least like to get back his orignial investment of $5,000. I do appreciate your assistance!!
 

HomeGuru

Senior Member
Take property value at the time of purchase and use the down payment to figure out what % of cash contribution was made. Continue to carry this method for the 8 years. When the contribution stopped, what was the value and equity he had at the time. Of course less expenses during that 8 year term.
 
K

Kupback

Guest
Thank you for your advice :)! What you are stating does make a lot of sense!!
 

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