If 3 people are owners of a home and 1 of them resides in there, how are the expenses shared equitably?
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If 3 people are owners of a home and 1 of them resides in there, how are the expenses shared equitably?
Asked on June 15, 2015 under Real Estate Law, New York
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 9 years ago | Contributor
This is primarily a matter for discussion and determination among the three of them: the expenses may be shared in any way that they see fit. If the can't agree and litigation over expenses ensues, there is no hard and fast rule for how a court would split expenses, though it would generally look to respective ownership interest, and also use and benefit. For example, if they each are 1/3 owners but one lives there, the court might charge the one who lives there with the expenses flowing out of his/her occupancy (e.g. water, utilities) and split other expenses equally (e.g. insurance, taxes).
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