Brian P. Corrigan Quoted in The Moneyist on MarketWatch
February 14, 2024
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
- Related Practice Areas: Estate Litigation, Trusts & Estates
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