My girlfriend and I purchased a country home together in April of 2004. She and her 21 year old daughter lived in it for 6 months before I moved in (I had a house to sell first in another town). The property cost $428,000. I put in $162,500. upfront cash, and another $31,000. in renovation costs. We have a mortgage for $255,000. She has been contributing only the mortgage payments ($1500. a month and as of today, it comes to a total of about $23,000.). We are splitting all other costs (hydro,oil, etc. 50/50). Her daughter still lives here [Surprise!]and only pays $3. a day...and that's for 'everything'.
My question is....upon sale of property....do we get back what we put in, after bank and after lawyer and agent fees, and split any profit 50/50...or can she claim half of my total investment? We have listed the property for $499,000. I don't have much of an income. All my savings are tied up in this place. She makes very good salary, and can certainly afford something else.
Any help would be appreciated. I'm losing sleep...about losing everything else. Thanks.
My question is....upon sale of property....do we get back what we put in, after bank and after lawyer and agent fees, and split any profit 50/50...or can she claim half of my total investment? We have listed the property for $499,000. I don't have much of an income. All my savings are tied up in this place. She makes very good salary, and can certainly afford something else.
Any help would be appreciated. I'm losing sleep...about losing everything else. Thanks.
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