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Brian P. Corrigan was quoted in The Moneyist on MarketWatch in their latest article “‘They’re threatening to go to a lawyer’: My in-laws gave us $300,000 and are on the deed to our home. Now they insist we give our niece $125,000.”
From the article:
Generally, unless the deed says otherwise, tenants in common have an equal interest in the property, so it sounds as if each of the four parties on the deed owns 25% of the house, says Brian P. Corrigan, a partner at Farrell Fritz. “Co-tenants have the right to live in the premises without paying rent to the other co-tenants,” he says. “The co-tenants also generally have an equal obligation to pay the expenses — taxes, maintenance and repairs. Thus, if there is a later sale, a co-tenant who paid these carrying charges may be entitled to a credit.”
“A tenant in common may not sell the entire property without the agreement of the other tenant(s)-in-common,” he adds. “Thus, the in-laws’ concern about a sale now or in the future may not be reason for concern. If they die, they can give their interest in the property to the granddaughter/niece. If the in-laws are alive when husband and wife want to sell the entire property — not just husband and wife’s interest — that can only happen with their agreement. The solution proposed by the in-laws appears to be one in search of a problem.”
The article can be read here:
Marketwatch – My in-laws gave us $300K and are on the deed to our home. Now they want $125K. – MarketWatch
