Legal Question in Real Estate Law in California
In 2004 my father in law bought my husband and I a mobile home, for $55,000. The house is in my husband and his fathers name, but my husband and I live in it. The house is now worth $25,000. If we sell the house who does the money go to?
1 Answer from Attorneys
Ownership, and therefore the right to the net proceeds of sale, is determined by whose name(s) is/are on the title, not who lives in it. Therefore, I'd say the sale proceeds, after payoff of liens, taxes and broker fees (if any) would belong to your husband and his father. This assumes there is no additional agreement between your husband and his father, and that your father received his interest as a gift, which sounds like the situation.......but they may recall, or have written evidence of, a different understanding back in 2004. To further complicate the situation, you as the wife of a co-owner MAY have acquired a little interest in the mobile home IF community funds, or your own separate funds, were ever used to pay off financing on it or to make substantial improvements.