QUESTION

If the co-owner of house voluntarily leaves is he still responsible for costs to maintain and/or sell?

Asked on Jan 07th, 2013 on Divorce - Texas
More details to this question:
2 single people own a house as TIC. Both are listed on the deed and mortgage. 1 leaves voluntarily. The individual that left (Owner B) verbally agrees to pay an agreed upon amount to owner A when the house is refinanced or sold, but does not contribute to any current costs related to the house. The owner still in the house (Owner A) is unable to sell or refinance due to market conditions and the low amount of equity in the house and is forced to keep the house afloat for multiple years. When the market recovers, the house is sold for an amount less than the original purchase price. The small amount of equity Owner A built in the house covers most of the sale costs (commissions, etc), but the owners receive no cash from the sale. Owner B reneges on his offer to pay an agreed upon amount to owner A. Is Owner B responsible for half of the costs (mortgage, property taxes, maintenance) associated with maintaining the house until a sale was feasible? In addition, is owner B responsible for a percentage of the closing costs in relation to the amount of equity he/she was responsible for building in said property? In short, can owner A take the original agreed upon offer off the table and pursue a greater amount? I had to choose "divorce" as Civil wasn't an option, but the individuals were not married.
Report Abuse

2 ANSWERS

Mortgage Foreclosure Defense Attorney serving Deerfield Beach, FL at The Ticktin Law Group
Update Your Profile
Yes, each party is responsible. However, there may be a credit given for the equivalent of rent to the party who resides in the house. The verbal agreement was probably with no consideration, and there is a law in Florida called the Statute of Frauds, which makes a non-written agreement regarding real property unenforceable. So, you are able to negotiate a new deal. It gets a bit confusing with all the financials, so the best bet is to come to terms with each other, and seek a peaceful solution. I hope that this helps. I realize that the deal is a bit complex and that a simple response may not be sufficient. Hopefully, though, this will give a better idea of the law, so that you can get this settled.
Answered on Jan 13th, 2013 at 6:33 PM

Report Abuse
Both parties are bound by whatever the mortgage note and deed of trust say. I suggest you hire a lawyer.
Answered on Jan 11th, 2013 at 2:00 AM

Report Abuse

Ask a Lawyer

Consumers can use this platform to pose legal questions to real lawyers and receive free insights.

Participating legal professionals get the opportunity to speak directly with people who may need their services, as well as enhance their standing in the Lawyers.com community.

0 out of 150 characters