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Old 01-03-2010, 06:46 AM
 
1 posts, read 3,091 times
Reputation: 13

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Hello all,

I would like to know if anyone has an answer to the following questions with a possibe link that will direct me to the law so I can know it's a fact.

Scenario: A real estate property deed is in two names (friends) with survisiorship rights. One person now wants out.

1) Can one individual put the house up for sale even though the other individual does not agree?

2) If the house is able to be listed for sale by one individual and gets sold, how does the other person recover their gain?

3) Only one person contributed to the down payment & closing costs during the buying process. It was mutually agreed that upon selling the person who soley contributed the money would get that back in return plus any profit from the sale. At the time it was only a verbal aggreement.

If we decide to sign an aggreement now will just our signatures be valid or should we have it notarized, or documented by a lawyer, etc?

4) If one person moves out because they can no longer afford their share of the mortgage, maintenance, and HOA, is there anything the other person can do?

I've learned my lesson from going into this type of situation so please do not reply with negative comments of what a bad idea this was.

I am simply looking for information and rights/laws to move on.

Thanks.
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Old 01-03-2010, 07:49 AM
 
Location: GOVERNMENT of TRAITORS & NAZIS
20,568 posts, read 22,728,017 times
Reputation: 7627
check with a real estate lawyer?
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