Legal Question in Real Estate Law in Minnesota
Fiancee gave house down payment
A few months ago,I bought a house for 179,900. My fiancee,(at the time,we have since broke up)signed a paper at the bank, in which he GAVE (gifted) me 100,000 dollars for the down payment. The rest of the money owed is on a Home Mortgage,under my name only. On ALL papers, I am listed as the house owner. We did this because he had bad credit. Now since we broke up, I live in the house and he doesn't, BUT I can't afford the house on my own. What are my options? How is this going to affect me tax wise, since I know I can't claim all 100,000 on a single year as a gift? If I have to sell the house, Do I legally need to repay him? Any help at all on this PLEASE.....
1 Answer from Attorneys
Re: Fiancee gave house down payment
Your X has what we call a palimony claim against you. The legal term is "unjust enrichment." He may not be an owner, but most courts would give him his $100,000 back - possibly with interest - or they would give him the proportion of the equity in the house represented by his intial investment.
He has to sue you first. If he sits and does nothing, you can legally keep the money in the event of the sale of the house or just keep the house. The applicable statute of limitations is probably six years. It would be well worth a consultation fee just to have someone double check the statute of limitations.
Tax consequences? See an accountant.
Can't afford to stay there? Sell it or get a roommate.
Good luck.
This response is for general information purposes only and does not create an attorney-client relationship. You are advised to seek the advice of the attorney of your choice concerning the details of your case.
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