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Division of real property owned in business relationship
Preston, MD
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Posted about 1 year ago in Contracts / Agreements
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contractual default:
Myself and another person purchased a house several years ago with the intention of doing a complete rehabilitation . We agreed to split the mortgage payments and cost of materials and labor. After 4 1/2 years, she has suddenly, without any notification, moved to other living accommodations and stopped paying her half of the mortgage, utilities, etc. Going back through the records, I have invested $40,000 while she has contributed less than $10,000. We each have made about $10,000 in mortgage principal payments. Other than purchasing a limited amount of building materials, she has contributed absolutely nothing toward contractor payments, nor has she contributed any personal labor.
Two years into the first mortgage, she insisted on taking out a second saying she would make all the payments. Like a fool, I signed off on it.She has stopped paying on the second mortgage as well and to protect my credit,I have been paying off that mortgage as well. She spent that money on personal items. I interpret her actions as breach of implied contract and abandonment of the project. She refuses to return phone messages or reply to e-mail. I am able to afford both mortgages but want to get her off the deed. what recourse do I have?
Additional information
We were not sleeping together or involved in anything other than a business relationship. There was no abuse involved. She was simply tired of living in what she perceived as a perpetual construction project but refused to match my contribution to pay a contractor who could finish the project in less than a month. Consequently, with her refusal to do any work or contribute financially to have it done, I stopped working and paying contractors. She had a 1 1/2 hour commute to work which may be a mitigating factor in her abandonment of the project. If I take over both mortgages but can't get any type of agreement from her, can she claim an equal equity share when the house is sold or would the amount of our individual investments be deducted before the remaining equity is divided? It is my contention that since she was the recipient of the second mortgage she has already received far more than both her investment and her half of the appreciated value of the property. Answers (1)
Howard Robert Roitman
This attorney is licensed in California and 3 other states.
Posted about 1 year ago.
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MD Law may be deferent then the law of my state (Nevada) so you should see an MDLawyer before you acts. However, it sounds like you have a contract, not an implied contract just because it is verbal does not make it any less real (although perhaps harder to prove). You should talk to a local lawyer about a breach of contract and quite title suit. I would be surprised if you did not get what you want in negotiation after these issues are raised. This is particularly so if “the other person” is without funds.
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