Be Careful with Holding a Title
| A great teacher taught me years ago that many of the nuances of real estate law only matter when it matters. How you hold title is one of those nuances and it really matters when it matters. Consider the case of one of our distraught readers whose significant other had placed both their names on the title in Joint Tenancy more than three years ago. Just a few months later, the relationship went south, and the significant other wanted to switch everything back the way it was before the Joint Tenancy agreement. |
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The problem was this reader pointed out that she had “made monetary contributions to ALL the upgrades done within the house, paying for 90 percent of the total renovations done which has increased the value of the property as well. I contributed to the household over the years I was there, but did not specify that these funds went to the mortgage, and these funds went to whatever. I just want to be fairly compensated for my “loss.” As a Joint Tenant, technically I am entitled to 50 percent of the equity, right? I am not on the loan. Help and fast. He sent me a letter from a lawyer and I want to make sure I know what I am talking about before I respond.” There are several ways of holding title to property and if what this person wrote is correct, asking for a quit claim deed is not one of the guaranteed 50 ways to leave this lover without an interest in the property, or at least a court appearance.
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