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Joint Family Home Loan

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Clayjay View Drop Down
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Joined: 05/September/2017
Location: Australia
Posts: 2
  Quote Clayjay Quote  Post ReplyReply Direct Link To This Post Topic: Joint Family Home Loan
    Posted: 05/September/2017 at 21:33
My brother and I have been paying off a home for our Mother for 15 years. All 3 of us are on the title. We are still paying this off.

I am now estranged from my family 2years ( unable to reconcile) I believe it would be best if I am no longer legally bound to that home.

In the past 18 mths I have paid $30,000 in home improvements, this money was given to Mum to pay contractors so receipts are in her name. I do have some of these receipts.

In working out a buy out figure how would this be done ?

I am confident my brother will fight to give me nothing. Discussing this with him is impossible. He will not answer my calls. Mother buries head in sand.

Any advice would be greatly appreciated
All the best

citizen-joe View Drop Down
Senior Member
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Joined: 09/October/2005
Location: Australia
Posts: 589
  Quote citizen-joe Quote  Post ReplyReply Direct Link To This Post Posted: 06/September/2017 at 01:08
You say all three of you are on the title. How is the title worded?

Does it say as joint tenants? or does it say as tenants in common one third share each? Probably the latter???

What ever the case while all three of you are living you own one third of the place and if it were to be sold you would be entitled to a third of the net proceeds of the sale.

If you are willing to accept less for your share without the place being sold it is up to the parties to negotiate what that amount may be.

In the long term you are probably better off remaining an owner so that when your mother passes you will probably remain owner to your third and what ever part of your mothers share that she wills to you.

If you do not wish to put any more money into the place you could remain a one third owner but reach an agreement with your brother about allowing him a greater share of your mothers part as compensation for the larger amount he will have paid in to renovate the place. That is probably the negotiation you should be having now, rather than selling yourself short by pulling out.

Clayjay View Drop Down
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Joined: 05/September/2017
Location: Australia
Posts: 2
  Quote Clayjay Quote  Post ReplyReply Direct Link To This Post Posted: 06/September/2017 at 08:48
Thanks Joe
It was I who paid for the renovation. From here, working out who has paid what (repayments) will be required to work out a payout figure and property valuation.
Thanks for your time
Aii the best

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