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multiple home owners?
is there a way to determine percent ownership based on what percent of the mortgage each party pays? so, lets say you have three owners but one of the owners makes more money and wants to pay the mortgage off faster, but wants the ownership stake to reflect the extra payments. how would one set that up
2 Answers
- Ed AtunLv 79 years agoFavorite Answer
You can do this on a plain piece of paper. You agree that the person who pays 80% of the mortgage payments gets 80% of the proceeds when the house is sold. Have it notarized. Present it to the title company when the house is sold.
It does not change the ownership and there would always be the danger that the 20% person could object later and claim that he paid more.
- Anonymous9 years ago
The deed that created the joint ownership is what controls, not any payments on the mortgage. If all three are on the deed, then each owns 1/3rd of the property.
James
