My fiance wants to sell his house but he is co-owner with his brother.

[mumof2boys]

Their parents left the house to the brothers when they passed away. It was all paid off. My fiance took out a mortgage loan and the brother had to sign off saying he was allowing him to do so. My fiance then lent his brother $70,000 in the form of a check, but never had a contract signed saying he was going to pay him back. It has been 3 years now and he has only given him $2,000. We plan on moving out of state and want to sell the house, but is he going to have to split the price of the house with his brother? Again, the loan is in my fiancé's name, but his brother had to sign saying he could take it out. Is there anyway that he would get his half and the part that his brother owes him, or is this one huge mess and he screwed himself over?

 

[dee_dub]

We plan on moving out of state and want to sell the house, but is he going to have to split the price of the house with his brother?

Probably. Since the brother owes $70K, he might agree to have his proceeds reduced by that amount. Otherwise, your husband will probably need to sue him for it. He should get on it or he might be barred by the limitations period.

 

[mumof2boys]

Probably. Since the brother owes $70K, he might agree to have his proceeds reduced by that amount. Otherwise, your husband will probably need to sue him for it. He should get on it or he might be barred by the limitations period.

I just think it might not work seeing as how there wasn't a written agreement saying his brother owes him this money. Just bank receipt of the check he wrote his brother.

 

[dee_dub]

Maybe, maybe not. If he paid him by cheque, there is at least evidence that he paid him the money. Whether it was a gift, a loan, payment for a boat, whatever will be a subject of dispute. Maybe there's a resulting trust (the brother holds the money in trust for your fiance), maybe it's presumed to be a gift. I wouldn't write it off just because it might be messy. Your fiance should go for an initial consult with a local lawyer.

 

[mumof2boys]

thank you very much!!!