Q: Father gave gift for down payment. Father also co-signed and on deed. Is father entitled to proceeds after sale?
Father gave gift to my wife and I so we can buy a house. Currently the home is under contract for sale and wife and I are currently separated. My father wants his gift back but it was a gift. My father also had to co-sign for the mortgage loan. Would he be able to received the gift back or splitting the proceeds of the sale 1/3 between all parties. Home is in asheboro North Carolina.
A:
I would have to review the documents in question to know exactly how this might work. But if the deed was to you, your wife, and your father, as tenants in common, then any sale would be split 1/3, 1/3, and 1/3. As you said, it was a gift, and generally speaking, gifts cannot be recovered. If he had worded his gift in a certain way, it might be recoverable, but courts do not generally favor the recovery of gifts.
If you want a more definitive answer, you will have to pay a lawyer to review the documents.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
