Are both parties responsible for half of taxes? 1 Answers as of August 19, 2011My father & Friend of 20 years have owned a house together for 16 years. There is no lease or agreement. 1 party has contributed nothing for 13 years and resides 2000 miles away, the other party resides in the home and has covered all mortgage, ins & taxes for 13 years. Mortgage is in both names, in CT. Are both parties responsible for 50% of each legally? - Mortgage, insurance, and taxes?
Law Offices of Timothy G. Kearney, LLC | Timothy G. Kearney
Generally both parties are responsible, especially in the event of a default. A creditor (bank/town) could go after both parties for contribution. However, given that one party has the benefit of living at the property there may be a set-off. The question really is Is there a partnership agreement which outlines the rights and obligations of the parties.
Answer Applies to: Connecticut