We just sold our house. Our father took the equity long time ago and refinanced the house. My father, 1st sibling and I were all paying the house. My father is under the loan. All of our names are under the deed. My father paid the most of course, but already tool the equity. I paid $400 more per month while the 1st sibling paid the least. My 2nd sibling who did not invest any money in the house wants an equal share since this is an inheritance in his opinion. Do we all split this equally? Or how do we determine how much percent does each one should get?
Precise interests of father and children depend on information not provided.
If my answer is "BEST ANSWER" and/or "HELPFUL" please acknowledge and mark it so. I appreciate your comments and feedback. I have more than 25 years of successful legal experience with cases like yours. My response is often general in nature because all facts are unknown to me. Specific answers require knowledge of all the relevant facts of your case. Follow up questions are invited.
I am assuming Dad is still alive. Absent some evidence of an agreement writing, the people on title split the proceeds per their interests set forth on the deed, and if none is specified, it is split equally among the names on the deed. I suspect that there is a lot of missing information here. Take all the information you have to an estate planning/eal estate attorney who can ask the relevant questions and advise you.
A lot more information is needed.
Who is on title? How do they hold title? Did other co-owners sign off on the refinance? If not, did Dad have authority to bind all owners OR is the loan only secured by Dad's interest?
Gather together the information you have and take it to an estate planning/real estate attorney.
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