How can you change the share/split of property under a tenants in common purchase?
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How can you change the share/split of property under a tenants in common purchase?
An example to illustrate the above question is if Rick contributes 40 of the downpayment and therefore holds 40 interest in the property under the TIC. Maybe 3 years later Rick comes into an inheritance or Rick simply pays a higher percentage of the mortgage for several years. It stands to reason that his 40 should be higher. How can that be legally changed so that should his partner die, he would hold a percentage that is more reflective of his total investment?
Asked on March 26, 2018 under Real Estate Law, Minnesota
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
It is assumed that Tenants in Common each own half of the Property unless there is a written agreement to the contrary: i.e. it says so on the deed. I am assuming that your deed states that you own 40%, correct? If that percentage is going to change then I would suggest contacting a real estate attorney for help. A separate agreement may also be possible. Good luck.
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