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moorings11 · Jun 27, 2012, 05:55 PM

Not really. My partner and I purchased a property 12 months ago with my partner paying for the property but we both have our names on the title as equal shares - what I want to know do I have the right if that property is sold to have an equal share of the money.

smoothy · Jun 27, 2012, 05:59 PM

Originally Posted by moorings11

not really. My partner and I purchased a property 12 months ago with my partner paying for the property but we both have our names on the title as equal shares - what I want to know do I have the right if that property is sold to have an equal share of the money.

What do you mean not really? Being this isn't your thread... it wasn't an answer directed at you. Did you intend to answer another thread? Particularly since this thread is 2 years old.

ScottGem · Jun 27, 2012, 06:22 PM

First its not a good idea to piggyback your question on another thread. This can lead to confusion. So I've moved your question to its own thread.

As you can see your answer did cause confusion.

But to answer your question, yes, if you are equal partners on the title, then you are entitled to an equal share of the proceeds. However, if your partner can prove that he paid for the property, he may be able to take what he paid off the top. So lets say the property was priced at $100K. Your partner put down $20K. So let's say you sell it for $120K. Deduct the balance of the mortgage and you have $40K. He can deduct the $20K so you split the remaining $10K.