Legal Question in Real Estate Law in Illinois
Home sale in the midst of a split
My domestic partner and I are splitting and selling our home. When we bought, we split the down payment 50/50 and have since split all bills, including the mortgage in half. She is on title but not mortgage and threatening to move out before we sell. If she leaves me holding the mortgage or refuses to pay her full portion, is she entitled to receive a full 50% of the proceeds from the sale? We do have a bit of equity but not alot.
1 Answer from Attorneys
Re: Home sale in the midst of a split
I assume that there was no agreement regarding a break-up while the romance was in full bloom....
In any event, she could be a tough nut, since she is on title and not on the mortgage. In other words, in order for you to sell or re-finance, you would have to get her to sign a deed. This could be akin to where one person gets the elevator and the other gets the shaft. Best thing to do is to figure out a figure she will be happy with, and sell (in this lousy market). Get the agreement in writing!