QUESTION
How can a homeowner obtain prodeeds from a home sale that were paid to a non-owner?
Asked on Dec 10th, 2015 on Civil Litigation - California
More details to this question:
A home was purchased in the name of a daughter who was paid to be the trustee of the family home. The parents later divorced. When the home was sold the check was made out to the daughter (the owner on title) who kept the proceeds. The daughter had no equity stake in the property. The father has the escrow documentation needed to substantiate the source of funding for the home purchase (proof of purchase). How can the father get the sales proceeds from the daughter?
1 ANSWER
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I understand your facts to mean that the parents created a trust for their own benefit with the daughter as the trustee. The trust owned the home. When the home was sold, the proceeds were paid to the daughter as trustee of the trust. However, the daughter has either put the funds in her own bank account rather than the trust bank account, or she has since distributed money from the trust bank account to herself.
If so, then this is a breach of fiduciary duty and the father should be suing to recover money that he is owed.
Answered on Dec 11th, 2015 at 4:44 PM