What are a joint tenant’s rights to sale proceeds?

Get Legal Help Today

 Secured with SHA-256 Encryption

What are a joint tenant’s rights to sale proceeds?

My mother passed away. She has a house with her boyfriend, as joint tenants. She was able to put a large amount in cash toward the home. He, however, had to get a loan to secure his half. We are now in the process of selling the home. He is stating that he is entitled to 50% of the net proceeds. My mom is nowhere on the loan documents. My family and I are under the understanding that he is entitled to 50% of the gross proceeds. Is there anyone there that can shed a little light on this matter?
Lori

Asked on October 9, 2015 under Real Estate Law, California

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 5 years ago | Contributor

If it was a personal loan and not a mortgage on the home, he may get 50% of the gross proceeds, out of which he should take care of his personal loan. But if it was a mortgage on the home, it must be paid first, and then the joint owners split (he gets 50% of) the net (after the mortgage) proceeds.


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