Hi, thelaw.com users, thanks for taking the time to give this a look.
Here's the situation: Joe and Jane buy the property 10 years ago. Joe chips in 3% of downpymt, Jane the rest. They are joint tenants. Purchase property 2002 for 280k + 80k for rehab. The 80k is deposited into Joe's account. Joe uses 30k of rehab $ to cover his living expenses without Jane realizing. 2003 3-plex is finished & rented. They get a 200k loan from Joe's dad (2004) to rehab SFD they plan to occupy. (2006) Joe is tired of both Jane and the project and he asks for what's left of the 200k (36k) to buy his own home. Joe leaves Jane with a house that has is still rough-framed, no siding (open to the elements) and no more money to complete the job. They have an agreement drawn up that Jane will continue the rehab the house/units on her own & eventually live in SFD, maintain the units & pay all the loans: Joe will be a silent partner. This doc is *not* signed, but mutually confirmed in many emails. Joe takes 50% of tax losses every year (2002-2010). 6 yrs later Jane has invested an additional $290k in the property; wants to "buyout" Joe or get the title herself.
According to the accounting Jane doesn't owe Joe anything, Joe would actually owe Jane to get out of the property partnership.
How does Jane get title without losing the house?
Here's the situation: Joe and Jane buy the property 10 years ago. Joe chips in 3% of downpymt, Jane the rest. They are joint tenants. Purchase property 2002 for 280k + 80k for rehab. The 80k is deposited into Joe's account. Joe uses 30k of rehab $ to cover his living expenses without Jane realizing. 2003 3-plex is finished & rented. They get a 200k loan from Joe's dad (2004) to rehab SFD they plan to occupy. (2006) Joe is tired of both Jane and the project and he asks for what's left of the 200k (36k) to buy his own home. Joe leaves Jane with a house that has is still rough-framed, no siding (open to the elements) and no more money to complete the job. They have an agreement drawn up that Jane will continue the rehab the house/units on her own & eventually live in SFD, maintain the units & pay all the loans: Joe will be a silent partner. This doc is *not* signed, but mutually confirmed in many emails. Joe takes 50% of tax losses every year (2002-2010). 6 yrs later Jane has invested an additional $290k in the property; wants to "buyout" Joe or get the title herself.
According to the accounting Jane doesn't owe Joe anything, Joe would actually owe Jane to get out of the property partnership.
How does Jane get title without losing the house?