Real Estate

[angelfire]

What is the name of your state? California

My question is: My dad and I are co-joint owners of our house we bought in 1992. He put the down payment and I have paid for the mortgage since then and 70 percent of the property tax. Now, he is getting re-married. He and his future wife want to live in this house and want to buy me out but she has to sell her house first. She has tenants on her house and the lease expires in February of 2007. Can she tell her tenants to vacate because she is selling or not? The second part of my question is how can we calculate on how much percentage of the total equity goes to whom? Can I add the amount he put down and the total morgage payments I paid and get the percentage this way? Is it fair for me to wait this long since they are going to live in this house? Are there any recourse? If I have to wait until she sells her house, can I get it in writing to specify an axact date on when they give me the money or else we sell the house? Since they are going to live in this house and we are not, should they pay the mortgage plus a portion as if they are renting to cover my rent?


Thanks

 

[pojo2]

Can she tell her tenants to vacate because she is selling or not?

Absolutely not, she has a lease that goes until 2-07.

You can divvy up anyway that you and Papa agree upon IN WRITING.

 

[divgradcurl]

Can I add the amount he put down and the total morgage payments I paid and get the percentage this way?

Well, as noted above, you can add whatever you want, it's just a matter of what the two of you can decide upon.

HOWEVER -- that said, if a court were making the decision for you, typically the court would "reimburse" the owners for whatever they put into the house, and then split the remaining equity equally. So dad would get his down payment back -- but usually, only that portion of the mortgage that goes towards principle is reimbursable -- monies spent on repair of the house, or for taxes or insurance, or to pay for interest on the loan, are almost always not reimbursed. So Dad would get his downpayment back, you would get the principle part of your mortgage payments back, then the equity would be divided equally.

That's how a court would likely do it, in the absence of a written agreement to the contrary, or other facts that might change the balance. But you and Dad can negotiate however you want, and hopefully come up with something you can both live with.