Legal Question in Real Estate Law in Massachusetts
Equity Split
I bought a home with my son's father in 1997, In 1999 we split and he quote '' washed his hands of the house''. We refinanced a couple times to pay off debt that I accumulated trying to keep the home and also to do improvements (new driveway,yard,roof,etc.). The home is now for sale for high $200's and he thinks he is entitled to 60% of the equity which is around $100,000 because he only took $3000 of the previous money. He did not pay for anything since he left. I think the house is sold and I need to know what my rights are before we go to close. Since all this has started I have now started to get his mail at the house. I think he is trying to pull something on me. He is even making decisions with the realtor without telling me. I found out the price on the house was lowered when I saw it advertised. I never signed an agreement for the price that the house is now listed at. Is this all legal, I am on the deed.
2 Answers from Attorneys
Re: Equity Split
First, were you divorced and what does the divorce say with respect to the equity.
Second, in whose name is the property? You indicate the property was refinanced several times, if so who signed the mortgage and the note?
To give you any advice I would have to know more than you have described in your question.
At the end of the day, unless you have an agreement that says something different you do not have to sell for less than you reasonably want.
I would suggest you contact an attorney immediately.
Re: Equity Split
The fact that you're on the deed helps, if you decide that you'd like your own attorney for the closing, feel free to call my office at (603) 434-3437, I represent clients in real estate matters in Massachusetts and New Hampshire.
Regards and Good Luck -
Leonard Foy, Esquire
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