Ask Experts Questions for FREE Help!
  Advanced
Register  |  Log in  

Ask QuestionsprogressAnswer QuestionsprogressBuild ReputationprogressBecome an Expert
 
Free Answers in 3 Easy Steps

Register Now
3 Steps

At Ask Me Help Desk you can ask questions in any topic and have them answered for free by our experts. To ask questions or participate in answering them you must register for a free account. By registering you will be able to:
  • Get free answers from experts in any of our 300+ topics.
  • Accept money for answers that you provide.
  • Communicate privately with other members (PM).
  • See fewer ads.

Home > Law > Real Estate Law   »   co-owning property

Answer this Question
Ask about Real Estate Law
 
Question Tools Search this Question Display Modes
Question
 
 
#1  
Old Mar 29, 2008, 10:26 PM
mariaengland08
New Member
mariaengland08 is offline
 
Join Date: Mar 2008
Posts: 1
mariaengland08 See this member's comment history on his/her Profile page.
co-owning property

Here is the situation. I co-purchased a home with what use to be a friend. Since than so many issues arose that I eventually moved out. We both signed an agreement not to sell prior to 3 years. During that time other things were written in that contract,which she broke. she made my life impossible often having to deal with her insults, so during the 1st arguement we agreed to sell. It would have been a short sale. I did not care becasue i wanted to be off the mortgage and deed and away from her. She wanted some things fixed so I started the process. She than changed her mind and said she would keep it, but I would be able to go in Dec. and agreed to honor original contract and not sell prior to 3 years. The time came and i said I was moving. Mind you she knew for about 6 months I was moving. She through a tantrum and wanted me to continue to pay my 1/2 of tax and insurance until the 3 year mark and her mother who moved in would rent for the remainder of mortgage. In between that there were several insults from her and her changing her mind every few months.

The current situation now is she has sent me a certified letter demanding I pay and additional 300 monthly for mortgage to cover what initailly she agreed she would be responsibel for. I have had it wit the siatution and her changing her mind and making my life impossible. I at one point told her I want nothing for the house but my name off. If it were to sell, I was told, with the market now neither of us would make a profit. I was told she could keep it by refinancing only.

I want to know what my rights are here. I want her to leave me alone, the best way I can think off is by selling, but she refuses and says she Does not have to. I would like to save my credit but if going into forclosure is the only way than so be it, if it means never hearing from her again. Currently neither of us has been late with anything.

Please advise what options I may have here.

Reply With Quote
 
     

Answers
 
 
Old Mar 30, 2008, 04:13 AM   #2  
excon
Ultra Member
excon is offline
 
excon's Avatar
 
Join Date: Aug 2005
Location: On the outside
Posts: 7,686
excon See this member's comment history on his/her Profile page.excon See this member's comment history on his/her Profile page.excon See this member's comment history on his/her Profile page.excon See this member's comment history on his/her Profile page.excon See this member's comment history on his/her Profile page.excon See this member's comment history on his/her Profile page.excon See this member's comment history on his/her Profile page.excon See this member's comment history on his/her Profile page.
Hello Marie:

You're partners.... She can't change a thing and neither can you WITHOUT the others cooperation.

What's right and reasonable may not be something you can get done. It appears that you're NOT in the house and she is. What would be reasonable is for her to pay the mortgage since she's the one living in the house. If there was positive equity building because of that, she'd get her half...

If you don't do anything and walk away, your credit will be ruined, and she can sue you for the half payments you DIDN'T make.

Or the two of you (your partnership) can sell it to her (an individual).

You're agreement to sell or not for 3 years doesn't really hold any weight.

excon

Comments on this post
mariaengland08 agrees: Thanks! But I got confused, so the contract we both signed holds no weight?
  Reply With Quote
 
     
 
 
Old Mar 30, 2008, 05:15 AM   #3  
Fr_Chuck
Super Moderator
Fr_Chuck is offline
 
Fr_Chuck's Avatar
 
Join Date: Nov 2005
Location: Atlanta GA
Posts: 20,261
Fr_Chuck has disabled reputation
What is the last written agreement the two of you made ? if she said she was going to be responsible for all payments and 1/2 of insurance and taxes in writting, then she can not sue you for it.

If there is nothing in writing, and you are on the loan, she very well can sue you for your 1/2 of all of the payments due. This is the issue of being a partner in property.

Comments on this post
mariaengland08 agrees: Thanks! I have emails, she wrote agreeing to it, butnot sure if that's enough. I also heard I can get a partition sale.
  Reply With Quote
 
     
 
 
Old Mar 30, 2008, 05:19 AM   #4  
ScottGem
Computer Expert
ScottGem is offline
 
ScottGem's Avatar
 
Join Date: Jan 2003
Location: LI, NY - USA
Posts: 20,428
ScottGem See this member's comment history on his/her Profile page.ScottGem See this member's comment history on his/her Profile page.ScottGem See this member's comment history on his/her Profile page.ScottGem See this member's comment history on his/her Profile page.ScottGem See this member's comment history on his/her Profile page.ScottGem See this member's comment history on his/her Profile page.ScottGem See this member's comment history on his/her Profile page.ScottGem See this member's comment history on his/her Profile page.ScottGem See this member's comment history on his/her Profile page.ScottGem See this member's comment history on his/her Profile page.ScottGem See this member's comment history on his/her Profile page.
Pay to call ScottGem for advice ($.75/min)
Call ScottGem via Skype™
You need to explain to her that you have BUSINESS partnership as co-owners of the house. If she wants to end the partnership, she can buy out your interest or you can buy out hers or you can sell it to a third party. Until that happens you are responsible for your share of the mortgage and taxes. You may also be responsible for a share of the utilities.

That's the bottomline here. She can't change the contract and neither can you without the other's consent. She can't sue you for anything that wasn't in the original contract.

Comments on this post
mariaengland08 agrees: The answer was helpful, but regarding contract I wondered if it's valid even after it's been broken
  Reply With Quote
 
     
 
 
Old Mar 31, 2008, 09:05 AM   #5  
ScottGem
Computer Expert
ScottGem is offline
 
ScottGem's Avatar
 
Join Date: Jan 2003
Location: LI, NY - USA
Posts: 20,428
ScottGem See this member's comment history on his/her Profile page.ScottGem See this member's comment history on his/her Profile page.ScottGem See this member's comment history on his/her Profile page.ScottGem See this member's comment history on his/her Profile page.ScottGem See this member's comment history on his/her Profile page.ScottGem See this member's comment history on his/her Profile page.ScottGem See this member's comment history on his/her Profile page.ScottGem See this member's comment history on his/her Profile page.ScottGem See this member's comment history on his/her Profile page.ScottGem See this member's comment history on his/her Profile page.ScottGem See this member's comment history on his/her Profile page.
Pay to call ScottGem for advice ($.75/min)
Call ScottGem via Skype™
Breaking a contract does not invalidate it. If one party wants to try and enforce the terms they can still do so.
  Reply With Quote
 
     
 
 
Old Mar 31, 2008, 09:25 AM   #6  
JudyKayTee
Expert
JudyKayTee is offline
 
JudyKayTee's Avatar
 
Join Date: Oct 2007
Location: NY State
Posts: 3,322
JudyKayTee See this member's comment history on his/her Profile page.JudyKayTee See this member's comment history on his/her Profile page.
Comments on this post
mariaengland08 agrees: The answer was helpful, but regarding contract I wondered if it's valid even after it's been broken


I would question whether it was legal the minute you signed it. I don't know that you can legally make a promise not to do something for 3 years with absolutely no relief spelled out if circumstances change. Was that agreement written by an Attorney?

I see it the same as a contract when you get married that you won't ever get divorced - and then one person wants out and the other tries to enforce the contract. Sounds bizarre but I am aware of one situation where it happened. It was not enforceable because, as I said, there was no provision for changed circumstances.

I see it as jointly owned property - if you want out you'll have to consult with an Attorney (because you and your partner can't come to an agreement) and see what your options are in your State. Right now your credit rating is at risk so you'd better make arrangements to get out from under this transaction.
  Reply With Quote
 
     
Answer this Question
Ask about Real Estate Law


Question Tools Search this Question
Search this Question:

Advanced Search
Display Modes

 
Similar Sponsors

Similar Questions
Question Asker Topic Answers Last Post
What are our chances at owning this home? passmeby Real Estate 5 Feb 18, 2008 08:27 PM
owning a small salon stylistjennifer Small Business 0 Jan 20, 2008 07:25 PM
Owning my own business misterylady Accounting 4 Jul 2, 2007 03:43 PM
Co Owning A House, what are my rights? RenOneTwo Real Estate Law 4 Apr 29, 2007 02:54 PM
Canadian owning property in States knystrom Real Estate Law 0 Nov 8, 2006 03:52 PM




Copyright ©2003 - 2007, Ask Me Help Desk.
All times are GMT -8. The time now is 05:39 PM.

Content Relevant URLs by vBSEO 3.0.0 RC6 © 2006, Crawlability, Inc.