Q: Dispute over co-owned home with a family member. Seeking advice on protecting financial investments, legal options
A friend is facing a dispute regarding a property jointly owned with a relative. The property was purchased with significant financial contributions from one party, who financed the entire purchase through two loans: a primary mortgage on the new property and a refinance of their original home. The other party is now claiming full ownership, considering it as a wedding gift, but there is no formal documentation of any gift or transfer of ownership. The property is held as Joint Tenancy with Right of Survivorship. The contributing party is concerned about protecting their financial investment, potential future sale and distribution of proceeds, and options for refinancing or taking out a home equity loan. Seeking guidance on legal rights, strategies to document contributions, potential for partition or buyout, and options for a fair resolution.
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- New Jersey
- (973) 798-6131
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- Answered
A: Your friend needs to retain an experienced civil litigation attorney who has handled this type of cases before. Although it may seem like an insurmountable problem, it is not. Your friend should be prepared to pay for 1 hour of attorney time to have this entire matter looked over. WHEN AN ATTORNEY DOES NOT CHARGE YOU A CHARGE YOU A CONSULTATION FEE IT MEANS THAT THEY ARE EITHER DESPERATE FOR BUSINESS OR NOT GOOD. THAT MEANS THAT HE DOES NOT HAVE ENOUGH CLIENTS. Pick the best attorney you can find and remember one rule: a good attorney is generally never cheap, and a cheap attorney is generally never good so don't choose based on price. With modern technology, you can be represented by any high-quality attorney in New Jersey irrespective of geography.
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