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Buying or Selling a Home/Deed
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Question
I would like to sell my home I have lived in it for 10 years. Here is my situation. the mortagage is in my mother's name..who lives out of state. the deed of the house is in my name and both my parents name...who live in Florida. When I sell the house...who gets the check of the profit of the sale? I have been paying the mortgage and i am 1/3 owner on the deed?
Hello Lisa,
Thnak you for your question.
Who gets the proceeds from the sale?
Do you have an existing sgreement? That would be the first guide.
If there is no agreement you would have to make one or agree on how to split the proceeds since you all have to sign the closing papers. If someone wasn't happy with the split they could refuse to sign.
So, you need to make an amicable agreement together or go to court.
Hope this helps.
Hans
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Hans Weber, Licensed Broker Associate
Expertise
I am able to answer questions related to buying or selling residential real estate in New York. There are many questions buyers and sellers have about the process of buying or selling a home that they are afraid to ask or that might seem too simple to ask. For instance: in a house, why do some doors open in and some doors open out?
Experience
Licensed real estate agent in New York State in 1988.
Serving buyers and sellers as a full time occupation since 1988 with over 300 successful residential real estate transactions.
Organizations
National Association of Realtors.
Westchester County Board of Realtors.
Education/Credentials
Graduate of Pace University in 1988 majoring in business and minors in taxation and computer science.
Awards and Honors
Consistently one of top sales awarding winning agents for Coldwell Banker in Westchester County.
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