Posted by Tom-FL on March 30, 2005 at 23:33:46:
– I just don’t see why being a co-owner would automatically mean that the investment should be split equally. (?) –
If you didn’t specify the percentage of each owner’s interest at the inception, why would you assume the split would be anything BUT 50/50? The law can’t read your mind, you know.
room mate on mortgage - Posted by Nancy Sharp
Posted by Nancy Sharp on March 29, 2005 at 13:04:31:
My room mate and I bought a home together. I put the money down and put his name on it because I didn’t have the income to qualify.
We are now splitting up.
Is he legally entitled to half the value of the house now (including the down)?
Re: room mate on mortgage - Posted by John Merchant
Posted by John Merchant on March 30, 2005 at 09:13:18:
Whose name is on the deed?
That will determine who can deed the property, and that can quickly be determined by any title co., for a small or zero charge, at anybody’s request.
If both of you are on the deed, then you’ve got a complicated deal that probably would take both of you to sign a new deed; or a court to resolve in a Quiet Title Action.
This common and perplexing problem is exactly why most lawyers don’t like to have roommates, or friends, or buddies all on any deed.
Husband and wife? Sure, but less formal legal arrangement not so good.
Buddies, etc., too frequently split and part on less than best terms.
Re: room mate on mortgage - Posted by eric
Posted by eric on March 30, 2005 at 08:57:24:
Depends. Generally, title is presumptively correct. However, you may defeat the roommate’s interest in the property if you can proove to the court that they hold nothing more than bare legal title and that you hold 100% of the equitable interest in the property. This will cost you some money in attorney’s fees that are likely unrecoverable.
Re: room mate on mortgage - Posted by River City
Posted by River City on March 30, 2005 at 06:21:34:
It is according to how the title is set up.
Re: room mate on mortgage - Posted by Nancy Sharp
Posted by Nancy Sharp on March 30, 2005 at 21:44:16:
Thank you for your replies. At the suggestion of my realtor, I did include a form (I don’t recall what it was called now)…that would supposidly protect my initial investment.
But if I have proof that I used the money from the sale of my first house, that the entire down came from the sale of that house, wouldn’t that be enough to protect me?
I just don’t see why being a co-owner would automatically mean that the investment should be split equally. (?)