I am tenents in common with a "friend" on a house. (50/50)(Calif) We are renting out this property. My "friend" has decided he wants to move into the house. Can he give the current renters a 30 day notice without my permission? I do not want him to move into the house, and would rather keep the renters. My name is on the month to month lease agreement with the renters, we own this house 50/50 together as Tenents in Common. I have given a counter to the evition notice that he has served the renters, and stated that he can not give notice without my written consent. Am I correct in this? Any advise on this subject would be greatly appreciated.
2007-01-15 07:25:42 · 4 answers · asked by Sally 1 in Business & Finance ➔ Renting & Real Estate
In the case of a 50/50 ownership, you can evict the current tenants without both of your approval. If you have thusly informed the tenants, then they have nothing to worry about.
I certainly hope you informed your co-investor of what you did. Think its probably time to find a new partner, or to sell out to him. You two are not going to last long.
2007-01-15 07:31:59 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You would have to look at your contract with your partner. Since you have equal interest in the property and if you're splitting the rent 50/50, and your contract is notorized, then he should, by all rights, be in agreement with you.
You can also call an attorney that does not charge consultation fees, or has minimal fees for this consult. It might pay to have him read the written agreement between both of you. If this transaction was on a handshake and there isn't any paperwork filed describing the co/ownership details, then it's going to be a private battle between the two of you.
If this is the case, then tell him if he's going to live on the premisis then all utilities, taxes, home upgrades or repairs will also belong to him. Create a regular lease agreement based on the terms you state, and also follow the regualtions of that particular city, county, state regulation. The public library will have books regarding the laws on the books for signed lease agreements.
Hope this helps a little. But in my own opinion, this person who is co/owner had a lot of $alls doing that without your permission. Just my opinion though.
2007-01-15 07:37:55 · answer #2 · answered by chole_24 5 · 0⤊ 0⤋
those 2 strains truly stand out to me: "we anticipate of we are able to purchase for $65K" . Are both of you signing for this living house so that you're collectively responsible for that is upkeep, upkeep, funds etc and both entitled to apply that is income or fairness as you spot in high-quality condition? "i visit in basic terms help with the down charge and month-to-month loan." in basic terms? Are both of you setting up 50% of the downpayment and paying 50% of the loan jointly? If the buddy is going to stay there, what is going to be their contribution to this organisation? Will they deal with the resources on account that they are going to be onsite? once you've a falling out will they flow from the resources on account that they are going to evaluate themselves section proprietor? it truly is a huge step for you and it could be financially functional i in simple terms won't be able to tell from what you've stated why you want a better half? You qualify on your man or woman to do this so what's the objective for concerning some different person that evidently won't be able to deliver the same factor of autonomy and stability to the table? Is your buddy going to pay you for utilising this resources as a first position of abode? i ought to in effortless words do this deal in case you've been going to do it on your man or woman. if you're leary of handling the resources get a resources manager to administration that for you. tell your buddy your fiance is truly adverse to the idea so that you'll placed it on carry for now (in contracts it really is frequently happening as deferring to a higher authority). possible purchase the living house, in simple terms placed a resources manager between you and the renters so noone who's renting will recognize you're the owner. upon getting offered the resources, have an lawyer move the owner call to an LLC that should be set up for you by technique of the genuine resources lawyer. Have the same lawyer evaluation the information earlier you purchase as well. lengthy tale short, make a income and save a frienship.
2016-11-24 19:37:47 · answer #3 · answered by ? 4 · 0⤊ 0⤋
Sounds correct to me...
Your name is on the rental agreement and you are a
legitimate owner...
2007-01-15 07:35:00 · answer #4 · answered by Anonymous · 0⤊ 0⤋