If I inherited 1/3 of my parent’s house along with my sisters, am I entitled to get back money I have paid on the mortgage?
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If I inherited 1/3 of my parent’s house along with my sisters, am I entitled to get back money I have paid on the mortgage?
I have been living there for 3 years and have paid roughly $30k on the mortgage. My sisters have paid nothing. If we sell the house am I entitled to be repaid the money I put into the house before the money from the sale has been divided into thirds?
Asked on August 1, 2012 under Estate Planning, South Carolina
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
It is not as simple as you think although I do think that you should get something back. First, why are you living there? If the house was rented to a third party you would receive a third of the profits as would your sisters. So you have to figure out how much the fair market rent would have been and figure in that amount. Most importantly, what was your deal with your siblngs? That will matter here. Good luck.
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