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It would seem to me the proceeds would be payable to all four, assuming they are all joint tenants. Sales price minus mortgage payoff = net proceeds (obviously it's not quite that simple, with closing costs and prorations and all that, but let's KISS.) I don't think that two of the owners are not on the mortgage factors in. Unless you have some sort of prior agreement to cover this situation.
I'm not an attorney but I'd guess you all have equal rights, in this case 25%, to the equity but that's not a legal opinion. Here's a thought, it's your parents so ask them.
It should have been decided once y'all decided to sell. If it's something you're fighting about, resolve it. It's your parents!
...... so the question is am i entitled to the 35000 of equity accumulated after the sale even tho we are not on mortgage but on deed... this is in PA
Entitled? No. If you own it as Joint Tenants with Rights of Survivorship, you and your husband own an equal share with your parents.
My question is, why did your parents want to sell if they have no money in the property and you were living there paying all of the bills? And why did you agree to sell? I would think that you could have worked something out with your parents regarding the situation.
It doesn't sound like you need an attorney as much as you need a family counselor. What's really going on?
At some point during the initial purchase and your "gifting" your parents $35,000K......you signed a "gift" letter.
Under the terms of that letter.........the money was a gift and not expected to be paid back.
My parents want to sell because they want to go to senior housing and the house is considered assets which income wise would affect them ... they don't want to wait to for me to refinance in spring 2016.... they have said the equity is mine but when you hear them say they are going to buy new things and such..... money does change people so i am protecting my interests because I have put alot in to the house and I didnt know if I can collect some equity... if they decided to change their minds.. I know its my parents.....buttt.......
My parents want to sell because they want to go to senior housing and the house is considered assets which income wise would affect them ... they don't want to wait to for me to refinance in spring 2016.... they have said the equity is mine but when you hear them say they are going to buy new things and such..... money does change people so i am protecting my interests because I have put alot in to the house and I didnt know if I can collect some equity... if they decided to change their minds.. I know its my parents.....buttt.......
I still suspect y'all have a stake to half the equity, legally. Your parents have said it's all yours yet you don't trust them. You have your answer, if you need something more than your parents word I suppose you could have have sign a statement detailing the payout.
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