Legal Question in Real Estate Law in Nevada

Three- party home equity split

I purchased a home In NV in 94 for 103,000 and put down 8700. I rented it to my son and his wife. In 98, I proposed to refinance it and have them qualify for the loan and leave me on the Deed of Trust to protect my investment. Before closing, my sons wife was fired from her job and they could not qualify so I remained on the loan and added their names. The appraised value was 125,000 and the loan balance was 95,433. Had I sold the property I would have been entitled to equity amounting to 29,567. I did not receive any monies at this time. My son and his wife took over the payments. In 01, my son and his wife refinanced again, removed my name from the loan and left me on the Trust Deed as a one-third owner. The appraisal at that time was 135,000. Now that my sons wife is selling her interest in the property to my son I am requesting that I receive one-half of my 1994-1998 equity, 14,783.50 from her. The remaining half is to be paid to me if and when my son sells the home. After the down payment of 8700 and 14,832, I merely want to recoup some of the expenses I paid. Am I entitled to get this out of her share of the property settlement in his divorce? My sons lawyer does not know. The current equity in the property is 32,000.


Asked on 10/31/03, 3:17 pm

1 Answer from Attorneys

Paul Malikowski Malikowski Law Offices, Ltd.

Re: Three- party home equity split

Your case sounds interesting. You may be confused about the instruments you claim an interest through. A Trust Deed in Nevada does not convey or identify ownership rights. Since your question is unclear, you should have a lawyer with a background in real estate look at all of the loan documents, title documents and any other documents pertaining to your claim. You may lose valuable rights should you delay.

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Answered on 10/31/03, 3:33 pm


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