Legal Question in Real Estate Law in South Carolina
1. Contract is between two parties who are on title to a residence.
2. Party A no longer lives in the residence.
3. Party B agreed to refinance the home within 10 months.
4. Party A has received original money that she put into the home when the home was first purchased, but has not received any equity from the home. The home has positive equity.
5. Party A wants her name removed off of the title to the home.
6. Party B put most of the money up for the house at the time of purchase. Party A put some funds up. Party B has been making the house payments.
1. Can Party A file suit to either force Party A to refinance right now or sell the home in order to collect her part of the equity?
2. How does a judge determine who gets what equity?
1 Answer from Attorneys
I'm sorry. Its obvious that you took the time to write this out to make it as clear as possible, but unfortunately, crucial information is missing.
You said there is a contact, but you did not explain the contract whatsoever. That is very important. Without knowing the contents of the contract, its impossible to even try to answer your questions.
You didn't say if these people are married or not, and that could make a big difference.
You explain anything about the current mortgage, and that is very important. Including who is on it.
There are some other things that would need to be clarified as well. For the most part, its not hard to answer legal questions on this site. But some questions involve understanding a great deal of information and this is one of them. I would answer it if I could, but I simply cannot. My advise is to have a conversation with an attorney who can ask the necessary questions, gather all of the information necessary, and then render advise.
I wish you well.