Selling a house and dividing the proceeds
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Selling a house and dividing the proceeds
I’m a co-owner and co-borrower on a house in Georgia with my mother. We are
selling the house and I’ve just learned that the agent will give us one check. I
would like the proceeds of the sell to be split up because I don’t believe my
mother will give me the money that is owed to me. what can i do? I have to sign
the papers and I don’t want to sign the papers if this isn’t rectify by then.
I’ve send all the papers sent to me by the agent and asked her how the proceeds
will be split and she said that only one check will be issued. that’s not
acceptable
Asked on April 2, 2019 under Real Estate Law, Georgia
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
One check is the norm, for good reason: the buyer and buyer's lender do not know what the agreements or arrangements exist between you and your mother, or how much each one of you is to get, or whether one already owes the other money and will use the proceeds of the sale to repay the other, etc. Maybe you are splitting the proceeds 50-50; maybe you paid more of the down payment or more of the monthly costs and the agreement with your mother was that you'd get a larger share of the profit...or maybe she had loaned you money in the past and the agreement was you'd repay it when the home was sold. Etc.
Not knowing the arrangments or obligations between the two of you, the seller, etc. cannot get involved in splitting the money for you: if they do and the split is challenged, they could end up being sued or otherwise dragged into litigation.
The seller's only obligation is to pay the purchase price; it is up to the owners of the home to split the proceeds however the agreed or wanted. They provide you and your mother the money; the two of you then work out what to do with it.
You may have to sue your mother if she wastes or spends or takes money belonging to you.
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