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Tenants rights to reimbursement of monies invested in property
Folsom, CA
Viewed 97 times.
Posted about 1 year ago in Landlord / Tenant
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I moved into a house that my father purchased in his name, but only for credit reasons. The house was purchased with full knowledge and understanding, that it was bought for my wife and I, and we would later put it in our names. There was nothing in my fathers names except the mortgages, and the actual owner on paper only. We payed the mortgages, property taxes, repairs, etc. @ years later his wife doesn't want to stick to our agreement, and makes my dad put house up for sale. We we're given only 5 days to get out. Not by my father, but by his Real Estate agent. Now my question is this; If he sold it for less($378,000.00) than what we payed for it ($630,000.00), we put no money down on the house at time of purchase, but we invested around $150,000.00 into the property while residing there. Now we never would've did something that ignorrant had we known he was going to sell it. Now can that money invested be recovered.
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Answers (1)
Avvo Staff Moderator
This attorney is licensed in .
Posted about 1 year ago.
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Thanks for using Avvo. I am an Avvo Staff Moderator. To read more about our moderation team, follow the link below. Our current question volume may increase the response times of our loyal Avvo lawyer-answerers. My goal is to give you some preliminary information and guidance regarding your legal situation while you wait for an attorney in your area to respond.
http://www.avvo.com/attorneys/98101-wa-avvo-moderator-1769851/aboutme.html The circumstances you describe are common among family members who do not enter into formal written contracts to document what can loosely be described as a partnership/joint venture. What you got the value of was a place to live for X number of years. What he is about to get is the proceeds of the sale, which presumably are about $378,000 less any commissions/liens/taxes paid. What you should equitably be entitled to, at the very least, is the a return of the monies you invested. He might argue that the sum should also be reduced by the reasonable rental value for the length of time you lived there. From what you say he had no investment and hence should have no right to make that claim (however there is thee argument that he had some risk by your buying the proerty in his name). You have a lot at risk here and I urge you to talk with a CA lawyer and get some help to resolve this or at least a better grip on your options under CA law. You can find Sacramento area lawyers on Avvo (some of whom may offer free consultations), or use the local Lawyer Referral Service by accessing the link (the cost for a consultation is nominal and well worth the investment). There may also be low-cost legal aid services you can access through the last link I have posted. Good luck.
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