Q: Does a property title stating JOWRT gives us both 50% interest in the sale proceeds of the property?
I am going to be selling a home that I own with my ex-boyfriend. He put in 100,000 and I put in 50,000 towards the down payment, however, it is titled Joint Owners With Rights of Survivorship. (JOWRT) I proposed for each of us to take back the funds we contributed and then split the remaining equity 50/50, however, he is wanting a 60/40 split instead. So my question is: Am I correct that the title stating JOWRT gives us both 50% interest in the sale proceeds of the property? How do I inform him of this?
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A: Joint tenants with right of survivorship means you own half of the whole, meaning you split 50/50. To get around this, you should have a separate written agreement, otherwise 50/50 is the presumed ownership. How do you inform him of this? Just Google the term, it'll come up. (-:
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