i bought a home. The loan is my name only, however, after purchasing my home I put a friend on the title. Is my friend entitled to half of the home and value even though she did not contribute financially toward the purchase?
4 Answers from Attorneys
Answer depends on a lot of factors. Friend does have some type of claim against your property at this point because you placed your friend on title. If your friend went on title as a consequence of deception or other impropriety then you would likely need to initiate a lawsuit in order to remove the title. Feel you need an attorney, you can contact me with further specifics.
Yes, but you may have a right of contribution for payments to reduce liens and pay property taxes.
With your brief description of the facts and circumstances surrounding placing your fiend on title, I'd start out by assuming that (a) your intention at the time was to make a gift of a part interest, and (b) that the gift was accepted -- and perhaps recorded as a gift deed or the like, although recording isn't really essential. In such circumstances, your friend's interest in the property would probably pass legal scrutiny, and be valid and enforceable. It is remotely possible that you might have a defense against her based upon some kind of fraud, but in general, gifts are recognized and enforced against the donor, however generous. Please note that there are income tax consequences of giving and receiving a valuable gift.
I would want to know more facts but it does seem that your friend would have some sort of claim.
This gratuitous response does not create an attorney client relationship. The advice provided herein is generic, may not apply to your circumstances and is not to be relied upon in your actions. An attorney client relationship is created only upon execution of an engagement letter or retainer agreement hiring me or my firm.
Related Questions & Answers
I recently purchased some land which contains a "short-cut" road... Asked 6/16/13, 12:27 am in United States California Real Estate and Real Property