Legal Question in Real Estate Law in California
Rights in real estate partnership for unmarried couples
My boyfriend and I purchased a home in 11/99 I paid the money for the down payment he was to pay the mortgage And fix the house so that my daughter and I could move in too He estimated we would be able to move in in a month It was almost a year before we could move in August 2000 We recently broke up
Mistake One. His name is on the Title as 50/50 owner tho all the first money was mine
We agreed that whatever money we paid would be our equity but Mistake 2 we have nothing in writing I have asked him to come up with a buyout amount
I have receipts for $50,000 He has receipts for maybe $5000 But he says his equity is the mortgage payments ( $20,000)
Question 1 What is the usual way of settling for unmarried couples?
The profit will be about $55,000 above purchase after loan cost He wants part of that What is usual for figuring that out?
We refinanced in March There is 13,000 cash left How is that usually decided? He says it's 1/2 his and I don't agree
He is worried about capital gains if he sells his share He says he may insist on keeping his name on the title til December He says he doesn't have to sell if he doesn't want to Is that true if I have more equity in the house? He was abusive to us
Thank you
1 Answer from Attorneys
Re: Rights in real estate partnership for unmarried couples
There is some interesting law in this area that is not well known to lawyers in general, called the 'purchase-money resulting trust.' I do not have time at the moment to give you a detailed explanation on line, but if you e-mail me directly at [email protected] I will provide you with a personalized answer by return e-mail within a few days. I have experience in this area and I think I can assist you.
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