Q: I own a home with my wife and her mother. Three people on the lease. If a person wanted to sell the home what would happ
As mentioned above, three people are on the lease house. I took out a loan so my in-laws could get a home. They now live in that house. However the name on the house is me, my wife and her mother. If someone wanted to sell the home what would happen. How would this be divided? We never had anything written down. There was just a verbal agreement about once the in-laws pass how to split the house
A: If one of you wanted to sell the home, the proceeds would be divided three ways, equally. As I understand it, you, your wife, and her mother own the property and your mother-in-law, and her husband live in the house. The house could be sold subject to the lease (if all three owners agree), but it would probably be a good idea to see an attorney now, about reducing the arrangement to writing.
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