Two peoples name are on a deed but only one is paying for it
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Two peoples name are on a deed but only one is paying for it
HI, I was in a relationship for a short time, not married, we are not together anymore.
I took a personal loan out in my name but put both of our names on the deed. I am the only one that has paid on the loan. I want to sell and so does she but she feels entitled to any money in profit made on the land.
Should she be entitled to any money?
Chris
Asked on June 4, 2018 under Real Estate Law, Michigan
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
Once a person's name is placed on a deed, they become a legal owner. And one co-owner cannot deprive another co-owner of their share of the proceeds of a sale. This is true whether or not the other owner paid their share of the mortgage, maintenance and/or repairs of the property, or even put any money up front for the original purchase.
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
Yes, she is entitled to a share of the proceeds: based on what you write, on a 50% share, as a half owner, of the proceeds left after paying the mortgage and costs of sale. You were not forced to put her on the deed to a home where you were the only one on the mortgage, or for that matter, to take a mortgage or loan only in your name, instead of making the other person buying or owning the home go on the loan as well. You cannot use you own voluntary actions to deprive her of the 50% share of the proceeds she is entitled to as a half-owner. When you put her on the deed, you gave her the right to half the proceeds.
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