1/3 deed holder entitled to closing monies?

UPDATED: Oct 1, 2022

Advertiser Disclosure

It’s all about you. We want to help you make the right legal decisions.

We strive to help you make confident insurance and legal decisions. Finding trusted and reliable insurance quotes and legal advice should be easy. This doesn’t influence our content. Our opinions are our own.

UPDATED: Oct 1, 2022Fact Checked

Get Legal Help Today

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

1/3 deed holder entitled to closing monies?

I am 1/3 owner of a house with my parents. My mother is trying to sell

currently and in a divorce, my father agreed to give her the house. I am the

other party on the deed and mortgage. My mother and real estate agent want me to sign but am I not entitled to closing monies for my signature?

Asked on October 22, 2018 under Real Estate Law, Florida


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 4 years ago | Contributor

Yes, as a general matter, you are entitled, as a 1/3 owner, to 1/3 the net proceeds (amount after paying any costs of sale, mortgage, and other liens). Certainly, you could agree to take less if they are not willing to pay the full amount, so as to settle the matter without litigation, but you don't have to: you should receive an amount equal to your ownership interest or share, possibly subject to modification if the other owners have paid much more for the house than you (see below).
If you and they cannot work matters out and they do sue for an order compelling the sale of the house, the judge will most likely award you 1/3, unless your mother or father can show that they have made substantially more payments (e.g. of the mortgage) than you have. If they have, it is possible that a court might give them a credit for that and so reduce your share; if they have paid much more than you, then to avoid litigation, where you may get less than 1/3 anyway, it would be wise to negotiate to take some smaller amount.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption