My sisters husband and brother-in-law share deed/mortage on a home which also includes a upstairs apartment. The brother feels the income should go to him instead splitting for home repairs and utilies which my sister & husband currently pay. He feels because prior to his marriage he lived in the "in law" apartment so technically it "his" which is not correct. They are tired of his greed and want to sell but feel the brother will take advantage and not be fair with the splitting the money from the sale. Should a real estate lawyer be involved? What is the best way to handle this w/out ruining the relationship between the two brothers?
2007-02-21 05:41:40 · 9 answers · asked by helpingsis 1 in Business & Finance ➔ Renting & Real Estate
Yes, get a lawyer involved that way both parties interest will be safe. I would never attempt going it alone if there is friction in the family. Good luck to you.
By the way, your question was very clear to me.
2007-02-21 05:46:20 · answer #1 · answered by lavachk1 5 · 0⤊ 0⤋
FIRST ASK ALL PARTIES TO PERMIT THE SHARING OF THE PROCEEDS OF THE SALE TO BE HANDLED SEPERATELY TO THE SALE. This permits everyone on the same page at the sale of the property.
PLEASE NOTE: A SEPERATE LAWYER IS NEEDED.
Have each party WRITE on paper what they want from the property, they can state revenue from rent, share of property value, what ever. EACH should present a copy to the other and a copy to the choosen Lawyer.
Have a Real Estate sell the property, HAVE A lawyer work out the proceeds from the sale. The lawyer has to be agreed to in the beginning when the decision is made to sell the property. The fee should be set at that time ($2,000) and the lawyer chosen. He/She will get the funds from the sale put in their escrow account.
Technically the brother in law OWES FOR THE NON PAYMENT of rent while he lived in the apartment. Now that he has moved, the rent - all of it should be applied to the expenses of the property, and left over should be in an ear marked account for the use on the property ONLY. The rent money is to be used to defray the mortgage, utilities, taxes, repair. This assumes that your Sister and her husband does not live at the property. If this is not the case, a break down of the general expenses for the rental by your sister and her husband has to be done.
After the two parties get the checks from the lawyer, all will be well. People will fight and fight, but once they have gotten all they can get - IT IS OVER WITH.
2007-02-21 06:17:25 · answer #2 · answered by whatevit 5 · 0⤊ 1⤋
No need for a lawyer on this one. The proceeds of the house will merely be split between the two on the deed. Have the brother go see a shrink, he sounds insane. The easier remedy would be to buy the brother out by refinancing the house and have him sign a quit claim deed relinquishing all of his interest in the house.
2007-02-21 05:54:28 · answer #3 · answered by linkus86 7 · 0⤊ 0⤋
I believe their relationship is already ruined. No doubt!!
However, if you want the attorney to resolve this matter it will be more than they can handle. If they are to agree on selling the property, if only two of them are on the DEED, than they can 50/50. No 51/49 or 70/30. Seller proceeds will be cut 50/50 by the settlement agent/escrow company. The brother can complain all he wants but this is what will happen.
2007-02-21 07:11:17 · answer #4 · answered by Victoria78 2 · 0⤊ 0⤋
When you sell a home, it goes through escrow. If both brothers are on title, they share equally in the home.
The escrow company can cut their checks seperately and would do so based on their legal ownership-- so each check would be 50% of the proceeds. There's no way for the greedy brother to take any more than is due to him.
2007-02-21 05:55:27 · answer #5 · answered by Anonymous · 0⤊ 0⤋
I heard an interesting story once that was similar to yours. Two brothers were fighting over their dead mother's house. The probabe judge pointed to the loudest brother and said, "You decide on a selling price for one share of the house." "And you," pointing to the other brother, " you decide if you want to buy your brother's share or sell yours at that price to your brother."
I think this is a very good way of keeping the price fair because the 1st brother doesn't know what the second brother is going to choose, so he can't go too high or too low.
Good luck.
2007-02-21 05:53:56 · answer #6 · answered by Insurance Biz CT 5 · 0⤊ 0⤋
You need to involve a real estate agent at least at the closing, at which time a lawyer will be involved to be certain that all parties whose names are on the deed will receive equal shares.
2007-02-21 05:52:20 · answer #7 · answered by gwhillikers2000 5 · 0⤊ 1⤋
Talk to him, come to an agreement and then agree on an attorney and have it put on paper legally. That's the best way to avoid problems and resentment. good luck
2007-02-21 15:40:35 · answer #8 · answered by Deutsche359 2 · 0⤊ 1⤋
you dont make any sense could you please rewrite the question and clarify
2007-02-21 05:46:02 · answer #9 · answered by camden 3 · 0⤊ 2⤋