Legal Question in Real Estate Law in Virginia
Who legally owns a house in a two party dispute
Two parties are involled in a dispute about home ownership.The home was purchased seven years ago(1994.)The first party paid the entire downpayment of the house,$25,000,but need a second party to co-sign in order to recieve the loan on the house.Both parties resided in the home after it was purchased.The first party paid half the monthly mortgage($600),the electric and gas bills($250-550 monthly)plus the property tax(1000-1400 yearly).The second party put no money down on the house but has paid half the mortgage($600 monthly)and the water bill($100-150 monthly)for the seven year period.The parties are not married.How much of the estate does the second party own,if any,. If the house is sold is the second party intitled to anything finacially.
1 Answer from Attorneys
Re: Who legally owns a house in a two party dispute
There are 2 real issues here. 1) Who owns the property? The deed to the property, not the deed of trust (mortgage) or the note, will answer that question. 2) Who owes what to whom ? To thre extent both parties lived in the property, both can be required to contribute. An non owning party's contribution could be considered rent to the owning party. Was there some understanding that there would be shared ownership based on payments ? Basically there are too many unknown additonal facts that make the answer to this question impossible.
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