Washington  |  Real Estate Law

Legal Question

Asked on: 2/20/10, 12:04 pm

I bought a house with my partner 18 years ago at the price about 130K, Each one of us put $13K down payment, and I borrowed $90K from the bank as15 year mortgage because I was the first time buyer and had good income, I was able to get the loan, thus I was the sole debtor of the loan. The house was used as a rental property since then and I did all the management of the house, my partner did nothing. The mortgage loan was paid off 3 years ago.

Now, we just sold the house for $300K after all the settlement cost, and I withhold $40K reserved for paying capital gain tax because the house title was under my name and I have to file the tax return. My partner demands to split $260K equally with me, arguing that we both put the same amount of money for the down payment. I don't think my partner deserve to split the $260K, and I am puzzling how much I should share with my partner. Does my partner have the right to split the $260K? How much should I pay my partner?

Best regards,

BnB

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