Legal Question in Real Estate Law in South Carolina
real estate sale
Two people buy a home in South Carolina. One pays 75% of downpayment and the other 25%. They share mortgage payments 50/50 for four years then sell home. How is the profit to be divided?
1 Answer from Attorneys
Re: real estate sale
I can't figure out if your asking a mathematical question or a legal question. Since this is a legal Q & A site I'll assume its a legal question. The profit would be decided on whatever the the agreement was. If there was no agreement and it became litigated, then I would assume that the judge would make it a mathematical question. One very very simple way of looking at it, which I'm sure you could do yourself, would be for each party to recoup what they paid on the down payment and then split the balance 50/50. This is so simple that I can't help but wonder if you really meant to ask this question. Am I missing something?
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