QUESTION

My mom, my husband and I are selling a home that all three of us own. My mother wants her down payment back, out of the seller proceeds. Entitled?

Asked on Jul 02nd, 2017 on Residential Real Estate - Florida
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My mother, my husband, and I are selling a home that the three of us own. My mother chose to pay a $21,000 down payment on our FHA loan when we originally purchased the house. Now, she demands her original down payment out of the proceeds first, then she wishes to split the remainder with us fifty-fifty. Is she legally entitled to receive her down payment first? Is there a legal standard for seller proceed allocation when the parties don't agree?
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1 ANSWER

Asset Protection Attorney serving Vero Beach, FL at Charles H. Sanford Law Offices P.L.
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Assuming the property is under contract and there is no agreement regarding the split of the proceeds, the closing agent will cut a check naming all 3 of you as payees and let you fight it out amongst yourselves. If not under contract, you may want to consider seeking a judicial partition and have the court can resolve the respective rights of the parties.
Answered on Jul 03rd, 2017 at 7:16 AM

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