My ex boyfriend and I own a house together (we get along well and usually can work things out so that's a plus). He hasn't lived in the house for 2+ yrs and pays a minor portion of the monthly mortgage (him 150$ and I 800$). Since he has moved out I've delt with the roommates/housemate issues (we rented out some rooms in the house), delt with the house maintenance...etc. We may sell it in 3 yrs or I'll buy him out. Since he hasnt been paying 50/50 mortgage I dont think its fair if we split the equity 50/50. Are there any laws protecting me as I do live in the house and he lives out of state?
2007-06-22 08:09:47 · 3 answers · asked by get dent 3 in Business & Finance ➔ Renting & Real Estate
technically he may be entitled to half the equity; however,
if you have proof that you've been making more than half the payments, then you are entitled for reimbursement for covering his share but you'll need to seek legal counsel.
that was one of the options from my divorce settlement.
2007-06-22 08:18:59 · answer #1 · answered by hi91977 3 · 0⤊ 0⤋
None whatsoever. If he's a decent guy, he will work out a properly prorated split, based upon his contributions vs yours. However, in the absence of any legal contractual agreement, he could very well take half of the equity upon sale. I suggest that you speak to him NOW about this and see if you can work out a legal contractual agreement satisfactory to both of you.
2007-06-22 15:13:40 · answer #2 · answered by acermill 7 · 2⤊ 0⤋
Nope, sorry. As joint tenants, you each have equal claim. If I was you, while things are good with him, I'd get him to agree to have his name taken off (buy him out). Its better to work it out while things are good, than to wait until they are not.
2007-06-22 15:20:27 · answer #3 · answered by bmwdriver11 7 · 1⤊ 0⤋