Co-ownership of Property
A sibling of mine and I were co-deeded property owned by our parents in a quit-covenant deed with the right of survirorship.
My sibling decided to convert this property — a summer cottage and vacation home– into a commercial rental. Since we are not ”financial equals,” I was not able to match him dollar for dollar on the structural and cosmetic upgrades he made to the cottage and instructed him to keep all rental income until he broke even, thinking that would happen within a few years time.
In 5 years, he racked up over $45,000 in expenses, claiming I owe him half of that. He never consulted me or obtained my approval on the many of the upgrades he made or provided copies of expense receipts or rental agreements even though I have been asking him for years.
The business and family relationship has not gone well and now we are at loggerheads.
Do I have a responsibility to pay him back for expenses I did not agree to? If we sell the property, are we each entitled to half the proceeds of the sale or is he entitled to recover his expense outlays not recovered through the rental income?