My husband was deeded a house. He agreed to let the guy live there as long as he wanted. The man moved away. This man expects to collect the rent from the property, calling it equity. What should I do?
Real Estate Attorney
A resulting trust occurs where one person deeds the property to another with the understanding that the new owner will be an owner in name only. This may be what you have here. But the new owner is, of course, entitled to compensation for the service. This situation can be resolved by mutual agreement reduced to writing or through the courts. Consult an attorney.
I agree with Mr. Graham.
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I have read your question and comments. The situation is too complex for an answer through this forum. Your husband needs to consult an attorney. There are many issues which need to be considered along with the exact facts, including the terms of any agreement between your husband and "the man." Good luck.
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After reviewing the questions and comments there still appears to me missing information. Mostly, how much was paid off, what was the value of the home at each relevant time, how much was invested in the renovations, and how much of the rents does the previous owner expect?
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