QUESTION
Options for daughter whose father demands to be "bought out" of a house they've bought (mortgaged) together in 10/2011.
Asked on Jun 08th, 2014 on Family Law - Florida
More details to this question:
Purchased a home with my father because I cared about him and his well being; didn't want him to be alone as he gets older. He's 76, divorced since '94 and he's never gotten over it. He was and still is bitter, angry and mean. But now it's directed to me because of my relationship with my mother who lives in the next city. He hates everyone from neighbors, to my friends to his own blood family members. He sees a psychiatrist and a therapist - both to whom I've reached out to - and I never see betterment - just more anger. He hates my mother and he is using me for his spite and revenge. Without living here with me and the mortgage - he will be gaining approximately $2500 a month. He wants out of this house almost as much as I want him out; however, to be spiteful and revengeful - towards my mother - he demands that I have him "bought out" before he would even think about leaving. What are my options????? And please don't say I have none.
1 ANSWER
You have none.....only kidding. You don't mention how the property is titled. However, if it is titled in both of your names, then you both have equal rights to occupancy and ownership of the property.
The first question is, do you want him out? If so, and he agrees, and you are both on the mortgage, then technically he owes half the mortgage each month, with you owing the other half. However, since you live there, you are responsible for the fair rental value (whatever that is). So, for example if the house would rent for $2500 per month, you would pay that and then that would go to pay the mortgage (you mentioned that number). If the rent would be $1000, you'd pay that, you'd each take $500 and apply towards the mortgage, and the $1500 shortfall would be the joint and equal responsibility of each ($750 in my example)
Since, realistically, with all this anger, you'd end up in court, the other alternative is to agree to sell the property and split the net proceeds. If he won't agree to that, you can file an action for partition with the court, and the court can force tales ale.
A last alternative is since next week is Fathers Day, you sit down with him, explain that 50 percent of you is comprised of him, and enter into a truce. It's worth a try.
Best wishes,
Cindy Vova
Law Office of Cindy S. Vova
8551 West Sunrise Blvd.
Suite 301
Plantation, FL 33322
info@vovalaw.com
954-316-3496
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Answered on Jun 08th, 2014 at 6:35 PM