My mother and I own house as joint tenants.
Due to hurricane, we are selling.
Family involved, issues concerning investment aros
I pay mortgage for three years, taxes, some investment down and insurance, improvements.
She paid a down payment for me to get the loan and pays only her share of utilities.
If family gets involved, can become ugly.
What recourse do I have to maintain my original investment and equity when house is sold?
I keep detailed receipts of all transactions with property.
Posted by John Merchant on September 19, 2004 at 23:52:03:
I’d do everything possible now, to get a deed from your Mom, of all her interest, with your giving her back a note & contract to pay her at certain time, etc…so now you own & control the property and the other family can’t get into the deal.
Posted by Garrett Sutton on September 22, 2004 at 22:51:10:
Another way to approach this is as follows: Get an agreement that acknowledges the greater amounts you have contributed. These monies can be paid back to you pursuant to a promissory note secured by a deed of trust on the property. This will give you the money back that you have advanced, especially when you sell the property. Getting a grant deed from your Mom may smack of undue influence and then you’ve really got the family involved. Good luck, Garrett