My in-laws wired 135,000 to mine and my husband’s bank account to pay for down payment on a 285,000 house under mine and my husbands name on the deed only. Mortgage is under my name only. Can they claim any equity when the house is sold?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
My in-laws wired 135,000 to mine and my husband’s bank account to pay for down payment on a 285,000 house under mine and my husbands name on the deed only. Mortgage is under my name only. Can they claim any equity when the house is sold?
We bought a house in florida in 2005 for 285,000 with 140,000 down payment.
135,000 was wired to our bank account as down payment as an investment for
themselves. We lived in it for a few years, then rented it out for about 5
years. Mine an my husband’s name is on the deed. Only my name is on the
mortgage. When we sell the house, can my in-laws claim any of the profits from
the sale?
Asked on November 13, 2017 under Real Estate Law, Florida
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
They are entitled to whatever the agreement between you and them was: such an agreement would be a contract. If for their $135k, they were to get the repayment of that money and 1/2 of any profit, for example, that's what they were entitled to. It depends on what you agreed to give them in exchange for their investment.
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.