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North Carolina-Dissolving a Joint Tenancy-Right of Survivorship

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  • North Carolina-Dissolving a Joint Tenancy-Right of Survivorship

    Two gay men in a relationship bought a condominium in 2007 for $195,000 in the state of North Carolina.

    At closing table they decided to deed it Joint Tenancy - Right of Survivorship

    They have decided to end their relationship in 2011.

    Information regarding financials:

    (Co-owner #1)
    -Obtained loan qualification independently, no need for co-signer
    -Put down $5k in earnest money
    -Used that as the downpayment at closing
    -Closed on a mortgage loan for $190,000 and has made every payment for 4 years. Is the only name listed on the loan.
    -Has paid 100% of yearly property taxes, it's rolled into his mortgage.
    -Has paid 100% of the monthly HOA/POA maintenance fees, all upkeep, all improvements, all furnishings, all utility bills, insurance, etc
    -Considers this his permanent residence and still occupies the home

    (Co-owner #2)
    -Has never contributed any money towards the property, in any way shape or form
    -Voluntarily relinquished his key and has moved out.

    Since relationship has dissolved, Co-owner #2 has threatened to pursue "his half" of the property.

    What are Co-owner #1's options at this point?

    1) Anybody have some advice on the likelihood of getting a judge to determine the property is his and remove Co-owner #2 from the deed, based on these financials, taxes, etc? Can you give any details on that process?

    2) NC is a title theory state, and Co-owner #1's mortgage company holds the deed until the mortgage is paid. Would that help Co-owner #1's case? Anyone have any experience where a mortgage company intervened in a case like this to protect their loan from another owner?

    3) Any opinions for Co-owner #1's likelihood of winning a suit asking for 50% of everything it cost to own/maintain the home for those 4 years?

    4) Any other information that may be helpful would be greatly appreciated.