Mother/Daughter co-owners, who gets what?

[hopelessrmntik4]

What is the name of your state?What is the name of your state? Florida

My mother and I are co-owners of a townhouse in Miami. The house was paid for in cash, no mortgage. She put all of the money into the purchase and renovation of the house. I have been living in the house alone for 2 years now, as she lives in north Florida. Our relationship is strained and I want to take whatever I'm legally entitled to when we sell the house, rather than give her back all of the money that she invested. When we sell the house, am I legally entitled to 1/2 of the money from the sale, or only 1/2 of the profit? Since we are co-owners and do not hold a joint bank account, will they cut two seperate checks automatically, or will I have to give special instructions?

 

[kryzif]

What is the name of your state?What is the name of your state? Florida

My mother and I are co-owners of a townhouse in Miami. The house was paid for in cash, no mortgage. She put all of the money into the purchase and renovation of the house. I have been living in the house alone for 2 years now, as she lives in north Florida. Our relationship is strained and I want to take whatever I'm legally entitled to when we sell the house, rather than give her back all of the money that she invested. When we sell the house, am I legally entitled to 1/2 of the money from the sale, or only 1/2 of the profit? Since we are co-owners and do not hold a joint bank account, will they cut two seperate checks automatically, or will I have to give special instructions?

I'm not 100% sure how Florida works, but I work for a settlement company in PA and I'm under the understanding that Florida and PA are pretty close in their laws. First of all, who gets what would depend on how you took title to the deed. If you took title as tenants in common, then everything would be divided equally, and yes, you would only be entitled to 1/2 of the profit. If you took title as joint tenants with the right of survivorship, then I would assume that you would still get 1/2 of the profit, but it would be between you and your mother to come to an agreement. As far as them cutting 2 seperate checks, the way this title company works that I work for, is that if you own the property jointly, you get a joint check. If you want 2 seperate checks, you have to tell us and then sign an agreement to split proceeds at settlement. That's how we work. I would check with the attorney or settlement company that is handling the settlement when you do sell the house. That's the best advice I can give. I hope this helps.

 

[seniorjudge]

Another alternative is for you to file a partition (forced sale) lawsuit. The court will auction off the property and decide who gets what amount of money.

 

[hopelessrmntik4]

Thank you for this information. I appreciate it.

 

[seniorjudge]

Thank you for this information. I appreciate it.

You are welcome.

 

[HomeGuru]

This was simple compared to some of the others.

 

[hopelessrmntik4]

I'm still trying to decide if I am just going to let her have the money, as I'm sure she'll never talk to me again once I pull a fast one on her. I just wanted to know what I am legally entitled to and how to approach the situation. Thanks everyone for your help.

 

[HomeGuru]

I'm still trying to decide if I am just going to let her have the money, as I'm sure she'll never talk to me again once I pull a fast one on her. I just wanted to know what I am legally entitled to and how to approach the situation. Thanks everyone for your help.

**A: if you pull a fast one she can surely sue for more $$$.

 

[hopelessrmntik4]

**A: if you pull a fast one she can surely sue for more $$$.

That's my point... what am I entitled to legally?!? When we purchased the property, we were co-buyers. We signed the same papers, etc.

 

[seniorjudge]

Q: That's my point... what am I entitled to legally?!? When we purchased the property, we were co-buyers. We signed the same papers, etc.
A: My guess is 50%.

 

[panzertanker]

Q: That's my point... what am I entitled to legally?!? When we purchased the property, we were co-buyers. We signed the same papers, etc.
A: My guess is 50%.

But SJ, does it matter that she states "She put all of the money into the purchase and renovation of the house."

I don't understand...

 

[seniorjudge]

But SJ, does it matter that she states "She put all of the money into the purchase and renovation of the house."

I don't understand...

I don't understand either; thus, the guess.

I suspect kryzif is right: the way this title company works that I work for, is that if you own the property jointly, you get a joint check.

The closing agent has no dog in this fight and will make out the check to both of them and let them fight it out.

 

[panzertanker]

I don't understand either; thus, the guess.

I suspect kryzif is right: the way this title company works that I work for, is that if you own the property jointly, you get a joint check.

The closing agent has no dog in this fight and will make out the check to both of them and let them fight it out.

OIC, thank you.

 

[seniorjudge]

OIC, thank you.

You are welcome.

 

[HomeGuru]

Ahhhhhhh, yet another resolved thread. And another dog without a fight.