at closing , How is payment made to ‘tenants in common’
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at closing , How is payment made to ‘tenants in common’
I’m tenants in common on deed with my sister 75 her, 25 myself
Only she is on mortgage. i do not live in house
Will I receive 25 check of total house sale or will mortgage be paid off first
Thank you
Asked on July 2, 2019 under Real Estate Law, Maryland
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 4 years ago | Contributor
The mortgage is paid first, as are any outstanding costs of sale. Your 25% ownership is the right to 25% of the net, or after costs, loans, liens, etc., proceeds of the sale. The mortgage is always paid first before distributing money to the owners.
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