Posted on: 09th Jun, 2009 08:23 pm
My husband cosigned along with his sister on a house for his parents. He then got a loan to do the basement to rent it out. we pay about 300 a month for the basement that brings in 800 in rent that pays part of the mortgage. Does our investment into the house give us majority ownership or does the sister own just as much even though she has not put a dime into it?
Hi moonbaby,
Co-signing on the loan does not make one entitled to an ownership in the property. Are your husband and his sister listed on the title to the property? If both of them are listed on the property, they both own the house equally, unless mentioned otherwise in the property deed. However, since you have invested in the house more than her, you should have majority of the ownership. When the house is sold or divided, I believe your investments towards the house should be taken into consideration and the sale proceeds or the property should be divided proportionately. But you have to have enough proof to establish your claim that you have done the majority of the investment into the house.
Co-signing on the loan does not make one entitled to an ownership in the property. Are your husband and his sister listed on the title to the property? If both of them are listed on the property, they both own the house equally, unless mentioned otherwise in the property deed. However, since you have invested in the house more than her, you should have majority of the ownership. When the house is sold or divided, I believe your investments towards the house should be taken into consideration and the sale proceeds or the property should be divided proportionately. But you have to have enough proof to establish your claim that you have done the majority of the investment into the house.
moonbaby_ihabia
Welcoem to the forum.
Better to cosult a attorney, if it is a dispute.
Good luck and feel free to ask
Welcoem to the forum.
Better to cosult a attorney, if it is a dispute.
Good luck and feel free to ask