if I bought a house with my daughter and paid for my half in cash plus co-signed her mortgage for her half and now file a partition lawsuit, do I get half the proceeds of the sale?
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if I bought a house with my daughter and paid for my half in cash plus co-signed her mortgage for her half and now file a partition lawsuit, do I get half the proceeds of the sale?
Do I have to pay half of what is owed on the mortgage? Is the mortgage paid off first and I get half of what’s left? How does that work?
Asked on August 22, 2019 under Real Estate Law, New York
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 4 years ago | Contributor
You get half the proceeds AFTER the mortgage (and any costs of sale are paid). You and she both signed the mortgage (you cosigned for it): you are as liable as she is for the balance and also, the mortgage MUST be paid with the proceeds before the buyer can have good title. Unfortunately, that you paid more doesn't help you here, where you agreed to be liable for the mortgage, too.
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