Having more than one owner on a property?
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Having more than one owner on a property?
I own a home with three other people. The house had to be completely renovated, and I have spent the most money. I am the only one paying the mortgage on the house, and i wanted to know, if I continue to put money in the house, and it get sold, will the profit get split in fours, are can I show what I have put in the house and I get my money back.
Asked on May 13, 2009 under Real Estate Law, Missouri
Answers:
J.M.A., Member in Good Standing of the Connecticut Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
The answer is that it depends and i do not enough facts to give you a difinitive answer. If the company owned by a limited liability company that you are all members of or is the property in each of your names jointly in equal shares? If the property is owned jointly, then you are most likely considered partners or co-venturerers where you will be dividing profits based on your respective interests in the property. If you all are equal partners, then you splt profits equally like i said. Although you put more money in he other may claim that they do other tasks that are equal to your money contributions. It is a dificult situation you are in. Without knowing more, i think, absent you going to court and saying that the others do not pay their fair share, you may be dividing it up in fours.
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