Legal Question in Real Estate Law in Arizona
My partner and I spent 100k (I spent 95k and he spent 5k) on buying a house. Then we spent another 25k(I spent 5k, and he spent 20k) on remodeling it. So, I total spent 100k, and he spent 25k so far. We were planning to fix it and sell it for profit. We were agreed to return our own capital, and split the profit. The title for the property is a Joint Tenancy title, which means both our names are on the title. As it is very obvious, I total spent 100k on this property, and he total spent 25k on this property so far. My question is, if he wants to skew me out after sell the house, i.e., he doesn�t want to keep his promise, but want the half of the selling price, can I win if I go to the court to fight for my right ownership of the house. I have the evidence to show how much I paid to the title company, and how much he paid to the title. Also, we had a personal agreement with both signature that shows how much he paid and how much I paid.
1 Answer from Attorneys
If you have a written agreement regarding the sharing of the profit, then that agreement would be controlling. You should take action now to protect the recovery of the money you have invested out of the proceeds first, and then the actual profit is determined and split between you. Taking title as joint tenants may be evidence of what your agreement was at the time you acquired the property and result in you sharing profits, 50-50. I would advise you to open a discussion of this issue now, before there is a sale and determine how the property should be held, managed, sold and the profit, if any, distributed among the partners.
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