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Joint Ownership Entitlement

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xx6275xx

Junior Member
What is the name of your state? VA

I am in the process of buying my co-owner out -- is that person entitled to 1/2 of the value of the property? Considering that person never moved in, contributed 25% of the downpayment and is only on 20% of the mortgage (only on 2nd trust)? Property was bought a few months ago.

Thanks in advance.
 


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seniorjudge

Guest
xx6275xx said:
What is the name of your state? VA

I am in the process of buying my co-owner out -- is that person entitled to 1/2 of the value of the property? Considering that person never moved in, contributed 25% of the downpayment and is only on 20% of the mortgage (only on 2nd trust)? Property was bought a few months ago.

Thanks in advance.
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If the deed says each of y'all own 50% (i.e., you have to go by what is in writing), then that is how the money should be split...unless, of course, you have a written agreement to the contrary.
 
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xx6275xx

Junior Member
HomeGuru said:
Very interesting response.
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HomeGuru, do you think differently? I'm getting mixed feedback. Some say my co-buyer is entitled to 50% while others say I could take it to court and with the considerations listed above, they could be entitled to less. But the deed doesn't specify percentages, just joint tenants. Before coming to an agreement, I want to be sure my co-owner could be entitled to less considering I live here (alone), maintain the property, pay all utilities, HOA, HOI, and responsible for 90% of the mortgage. Does being on the deed supersede all these conditions?

Thank you senorjudge for your response.

Thanks in advance.
 
S

seniorjudge

Guest
xx6275xx said:
HomeGuru, do you think differently? I'm getting mixed feedback. Some say my co-buyer is entitled to 50% while others say I could take it to court and with the considerations listed above, they could be entitled to less. But the deed doesn't specify percentages, just joint tenants. Before coming to an agreement, I want to be sure my co-owner could be entitled to less considering I live here (alone), maintain the property, pay all utilities, HOA, HOI, and responsible for 90% of the mortgage. Does being on the deed supersede all these conditions?

Thank you senorjudge for your response.

Thanks in advance.
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But the deed doesn't specify percentages, just joint tenants.

So you have a deed that says 50-50 (joint tenancy) interest and you want to know of a way NOT to give the other tenant 50%.

Is that a fair statement?
 
X

xx6275xx

Junior Member
seniorjudge said:
But the deed doesn't specify percentages, just joint tenants.

So you have a deed that says 50-50 (joint tenancy) interest and you want to know of a way NOT to give the other tenant 50%.

Is that a fair statement?
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Absolutely but I'm new to all this so I just wanted to be sure there weren't any exceptions that I may not know of. If you had to pay out $100k to someone who barely contributed, wouldn't you try to find some kind of loop hole?

Thanks for your comments.
 
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seniorjudge

Guest
xx6275xx said:
Absolutely but I'm new to all this so I just wanted to be sure there weren't any exceptions that I may not know of. If you had to pay out $100k to someone who barely contributed, wouldn't you try to find some kind of loop hole?

Thanks for your comments.
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I would've had it all in writing up front before I plunked down $100K....
 
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HomeGuru

Senior Member
xx6275xx said:
Absolutely but I'm new to all this so I just wanted to be sure there weren't any exceptions that I may not know of. If you had to pay out $100k to someone who barely contributed, wouldn't you try to find some kind of loop hole?

Thanks for your comments.
Click to expand...

**A: at face value and going by the deed, seniorjudge is 100% correct.
But in reality, there is roon for negotiation and a claim of equity to even things out. That negotiation would be based on a settlement before or during a partition action, if any.
 
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xx6275xx

Junior Member
seniorjudge said:
I would've had it all in writing up front before I plunked down $100K....
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Tell me about it, the market in my area is crazy. Equity increased by 50% in matter of months. I should've known better. :rolleyes:

HomeGuru said:
But in reality, there is roon for negotiation and a claim of equity to even things out. That negotiation would be based on a settlement before or during a partition action, if any.
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Thanks HomeGuru.
 
S

seniorjudge

Guest
A final thought: sell quickly ... the bubble is fixin' to bust ....
 
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