Legal Question in Real Estate Law in Pennsylvania

Re: Leaving house. How much am I owed?

Are you one of two or more owners? If you all agree, then that would determine how much you will receive. The balance owing on the mortgage should be deducted from the value of the house to calculate the amount for you to receive based on the respective shares owned by you and them.

If all of the owners lived in the house and paid the mortgage, utilities and maintenance etc., that should not change your interest, unless some owners paid more than their share and others paid less.

If only one lived in the house, there should be an adjustment that would factor in a fair rental for the period when the one person lived there.

If you are on the mortgage, you should be sure to get a release from the lender. The better way would be for the remaining owner[s] to refinance the house. In either case, there should be a deed of your interest in the house from you to them, to be recorded in the Department of Records for the County where the house is located.

If the remaining owners are refinancing, their new mortgage should be recorded immediately after the deed.

To be sure that you are released and will have no further obligations, you should have a real estate lawyer review your agreement with the other owner[s], and make sure that all of the documents are appropriate.