My in-laws wired 135,000 to mine and my husband’s bank account to pay for down payment on a 285,000 house under mine and my husbands name on the deed only. Mortgage is under my name only. Can they claim any equity when the house is sold?

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My in-laws wired 135,000 to mine and my husband’s bank account to pay for down payment on a 285,000 house under mine and my husbands name on the deed only. Mortgage is under my name only. Can they claim any equity when the house is sold?

We bought a house in florida in 2005 for 285,000 with 140,000 down payment.
135,000 was wired to our bank account as down payment as an investment for
themselves. We lived in it for a few years, then rented it out for about 5
years. Mine an my husband’s name is on the deed. Only my name is on the
mortgage. When we sell the house, can my in-laws claim any of the profits from
the sale?

Asked on November 13, 2017 under Real Estate Law, Florida

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

They are entitled to whatever the agreement between you and them was: such an agreement would be a contract. If for their $135k, they were to get the repayment of that money and 1/2 of any profit, for example, that's what they were entitled to. It depends on what you agreed to give them in exchange for their investment.


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