at closing , How is payment made to ‘tenants in common’

Get Legal Help Today

 Secured with SHA-256 Encryption

at closing , How is payment made to ‘tenants in common’

I’m tenants in common on deed with my sister 75 her, 25 myself
Only she is on mortgage. i do not live in house
Will I receive 25 check of total house sale or will mortgage be paid off first
Thank you

Asked on July 2, 2019 under Real Estate Law, Maryland

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 1 year ago | Contributor

The mortgage is paid first, as are any outstanding costs of sale. Your 25% ownership is the right to 25% of the net, or after costs, loans, liens, etc., proceeds of the sale. The mortgage is always paid first before distributing money to the owners.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption