Selling home with mother

[mascorpio]

What is the name of your state? OHIO

My mother and I own a home 50/50, I was wondering how does the money flow when two owners are involved? We are going to sell and I want to make sure I get my half.

 

[HomeGuru]

What is the name of your state? OHIO

My mother and I own a home 50/50, I was wondering how does the money flow when two owners are involved? We are going to sell and I want to make sure I get my half.

**A: who are the titleholders and is there a mortgage on the property?

 

[mascorpio]

My mothers name and mine are on the deed and she took out a loan on her half of the house 8 years ago, but it still has a balance.

 

[HomeGuru]

My mothers name and mine are on the deed and she took out a loan on her half of the house 8 years ago, but it still has a balance.

**A: one can't take out al oan on half the house unless it is a double wide and it is split down the middle.
In answer to your question, at clusing, all the encumbrances/expenses are paid first ie. mortgagem real property taxes etc. then a check is made to both owners. Who split the funds 50/50.