QUESTION
what is my claim on a property where i am on the deed but don't live there
Asked on Jan 04th, 2022 on Real Estate - Michigan
More details to this question:
i paid the down payment, inspections and escrow on a land contract deal. totally $15k. that was 8 yrs ago and i have only been paid back $5K, now the person living at the property wants me to sign off on the deed. i want my money back. what remedy do i have to get my money back or possibly more given the property has doubled in value (and is paid off). i have docs from closing showing were tenants in common and that i'm on the deed.
1 ANSWER
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Assumption: you got a land contract with someone else and have not been paid back and are owed $10,000.
To keep the lawyers out of it, I reccomend you sit down with the co-buyer and ask them to buy you out or sell the house and pay you off or take a mortgage to pay you off.
A lot depends on what the agreement was at the time- were you being paid back or were you partners in an investment?
you have some leverage, you will want to negotiate with the co-buyer.
You are owed money and can use your position to be sure you are paid back
Answered on Jan 05th, 2022 at 9:29 AM