1/3 deed holder entitled to closing monies?
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1/3 deed holder entitled to closing monies?
I am 1/3 owner of a house with my parents. My mother is trying to sell
currently and in a divorce, my father agreed to give her the house. I am the
other party on the deed and mortgage. My mother and real estate agent want me to sign but am I not entitled to closing monies for my signature?
Asked on October 22, 2018 under Real Estate Law, Florida
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
Yes, as a general matter, you are entitled, as a 1/3 owner, to 1/3 the net proceeds (amount after paying any costs of sale, mortgage, and other liens). Certainly, you could agree to take less if they are not willing to pay the full amount, so as to settle the matter without litigation, but you don't have to: you should receive an amount equal to your ownership interest or share, possibly subject to modification if the other owners have paid much more for the house than you (see below).
If you and they cannot work matters out and they do sue for an order compelling the sale of the house, the judge will most likely award you 1/3, unless your mother or father can show that they have made substantially more payments (e.g. of the mortgage) than you have. If they have, it is possible that a court might give them a credit for that and so reduce your share; if they have paid much more than you, then to avoid litigation, where you may get less than 1/3 anyway, it would be wise to negotiate to take some smaller amount.
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