Legal Question in Real Estate Law in Virginia
she wants half equity in home I paid all payments and she is on the deed
bought home in 2001 with girl friend who I assumed would marry me.She turned out to be a total deadbeat and manic depressive.I was only one bank would put on note.I made the mistake however of putting her on the deed.I paid 10,000 down and she paid 1700 down.She moved out 15 mos. later.Now she has hired an attorney and wants half the equity and down payment.What should I do.Sue her for half the mortgage?Pay her? Go to court and hope fair distribution is considered since she didnt help with any payments?Thank-you
2 Answers from Attorneys
Re: she wants half equity in home I paid all payments and she is on the deed
Offer to return her share of the downpayment and whatever she contributed in mortgage payments augmented by whatever prevailing rate of interest that would be fair and reasonable for a real estate investment in the area where the property is located.
You may also want to consider offering her the following inducement: In return for her agreeing to remover her name from the deed and quitclaim her interest in the property to you, that you will increase the above amount by 50 to 100%.
Re: she wants half equity in home I paid all payments and she is on the deed
Another thought is that you offer 1/2 the equity (less your mortgage payments, etc)BUT, only for the first 15 months--when she seemingly abandoned the property.
Robert J. Strupp
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