At closing, how is payment made to a tenant-in-common?
Question Details: I'm tenants-in-common on deed with my sister, 75% to her and 25% to myself. Only she is on mortgage and I do not live in house. Will I receive 25% check of the total house sale or will the mortgage be paid off first?
The mortgage is paid first, as are any outstanding costs of sale. Your 25% ownership is the right to 25% of the net, or after costs, loans, liens, etc., proceeds of the sale. The mortgage is always paid first before distributing money to the owners.
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