Legal Question in Real Estate Law in Florida
Property investment with parents
Three years ago my mother, step-father and myself bought the house next to me as a business investment. The intent was to fix-up the house and flip-it. It was to be a 50/50 split. My parents were to finance the deal, with myself being responsible for overseeing the rehab of the house. Paying utility bills and overseeing the property. Of course we have nothing in writing. The rehab is complete. I want to sell now and now my parents do not want to sell the home...AT ALL! They are now saying it belongs to them. All three of our names are on the title, but only my mother and step-fathers names are on the mortgage. The house is located in Florida. My question is...do I have rights and I am entitled to my portion. And what if anything can I do? What would happen if my mother dies before my step-father? I know they have a will, not sure who gets what. My step-father has two children and my moms has three (including me), not worried about our end. My step-father insists he will keep the house until he dies and doesn�t care who or what happens after that.
2 Answers from Attorneys
Re: Property investment with parents
You do have a right to the property if you are on the deed. You can seek a partition from the court to sell the property and divide the proceeds. If you need help you can contact our office.
Re: Property investment with parents
The following is not legal advice and does not create an attorney client relationship.
You have the right to file a partition action which would force the other owners to sell the property and then split up the proceeds.
You may contact me directly at [email protected] for more information.
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