Legal Question in Real Estate Law in Utah
Equity on House
8 months ago I put my friends name on my house title. I have lived in the house alone and paid on it for 6 years prior. I have 60k in equity. Legally is she entitled to 1/2 the equity in the house or just 1/2 the equity since I put her name on?
1 Answer from Attorneys
Re: Equity on House
If you listed her as joint tenant with rights of survivorship, she is entitled to 1/2 the equity plus on your death all of the equity. If you listed her as tenant in common, but did not list a percentage, she is entitled by default to 50%. You should talk to an attorney to make sure that you will accomplish legally what you wanted to do, without exposing your self to undue liability. Now if she suffers and adverse judgment it may result in the forced sale of your home.....There are other ways to grant an interest.
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