Partnership Agreement Prevents Home Sale Woes

A ThinkGlink reader asks about splitting up the investment in a condo after it’s sold. Two friends contributed to the condo’s down payment but only one of their names is on the mortgage. How much of the proceeds are each of them entitled to after the sale? Can the friend who’s not responsible for the mortgage claim a significant amount of the sale proceeds? Sam and Ilyce advise contacting a real estate attorney to determine who gets what and to set up a partnership agreement the next time someone buys property with a friend. 

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