If my partner and I purchased a house and I paid for the downpayment, can I claim it back if we were to sell the house?
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If my partner and I purchased a house and I paid for the downpayment, can I claim it back if we were to sell the house?
We purchased the house together over 2years ago and may consider selling it. I paid the downpayment in full. We do not have anything in writing and the house is in both of our names. I just want to have a better understanding what I am entitled to should we sell the house – especially since only I contributed to the downpayment.
Asked on March 12, 2012 under Real Estate Law, Alaska
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
If you placed the down for the purchase of the home that you own with your partner and he or she did not place any down payment, under the laws of all states in this country, if the unit is sold, you should be entitled to the return of your down payment in full for the sale proceeds before there is any division of the profits assuming there are profits.
I suggest that you get a copy of the check you placed into escrow for the down or some agreement by your partner that you placed the down out of your own money for the property's purchase.
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