What are a co-owner’s rights to reimbursement regarding equity and a mortgage loan?

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What are a co-owner’s rights to reimbursement regarding equity and a mortgage loan?

I have lived in a 2 family house for 28 years. The house used to be under my mother’s and my grandmother’s name. A few years ago my mother’s name was taken off if it due to her expenses and my sister put her name on it. My sister took out a mortgage which is 1/2 the value of the house about 4 years ago. Some of that money went to fixing the garages, she gave me a small portion, the rest her and her husband at the time used up. I have also been paying rent. My grandmother passed away 3 months ago. She now wants to sell the house and does not want to divide the sale of the house equally. Do I have any legal right to obtain at least 1/2 of what the house sells for?

Asked on November 24, 2012 under Real Estate Law, New York

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

Unless your name is on title to the real property that you are writing about you have no legal right under the laws of all states in this country to seek any money from the sale of the home unless there is a written agreement signed by one of the owners allowing you such proceeds. From what you have written, it seems as though you are a tenant paying rent and not an owner on title.


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