Joint Ownership of Real Estate Issues
Many complicated issues arise when people who live together, buy real estate and then separate. In this case, if there is no written agreement regarding the division of real estate and other property upon separation, the issues can get complicated. If the real estate was purchased together, dividing the equity in the property can be a problem. If there is a mortgage on the property, sometimes one party will wish to be removed from the mortgage and the other party does not want to refinance or sell the property. Under recent decisions of the Minnesota Court of Appeals and Supreme Court, people who live together are entitled to recover the amount they have contributed to the purchase of real estate, even if it is titled in only one of the parties’ name. In most residential cases, you have the right under Minnesota law to have the property sold, and the proceeds divided. If you have questions about ownership of property arising from a relationship with another person, please contact Kallemeyn & Kallemeyn. We can help you through a difficult situation.
