Down payment

Get Legal Help Today

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

Down payment

My domestic partner and I bought a house. Now we’ve broken up and he wants it back. Do I have to give him his part of the down payment on the house back?

Asked on December 25, 2016 under Real Estate Law, Iowa

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 7 years ago | Contributor

You don't have to give him his down payment right now, but he would be entilted to his share of the equity when the house is sold--e.g. if he's half owner, he gets half the equity or profit. Note, however, that you can't make him wait forever to sell the house and get his share: there is a procedure called an action "for partition" by which a co- or part-owner can bring a legal action (i.e. a lawsuit) and force a sale of property; therefore, while you don't need to pay him out right away, it is in your interest to come to some voluntary agreement with him that you find ok, so that you don't force him to go to court and bring a legal action, which will increase costs for everyone and ultimately result in a forced sale. 
As to the mortgage: you can't remove his name without lender agreement, without paying off the mortgage, or without refinancing in your name only. But if you work out a plan or timeline for you to buy him out, refinancing can be inclueded as part of that.


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