Decades ago our family had a fortune. It was actually split into four equal parts among the original owners, but now they are all dead. Therefore, the owner’s child has the right to the property. 25% each.
My grandmother and her son (my uncle) lived there for decades without rent until my grandmother died a few years ago, and now other families are what the value of the house is I want some of them.
I have six siblings on my side of the family. They had a meeting on what to do with the property. Two options: 1. Sell properties and split revenue. 2. They pool money together and buy property from others in the family.
The only problem: one brother doesn’t want to pony money to buy real estate. One of these brothers, my uncle, still lives in real estate, lives on social security (about $ 800 a month), and doesn’t want to do any kind of work to earn income.
“”“If they sell real estate, my uncle has no place to live without the money to support him, and he will be very dissatisfied with some small apartments.”“
If they sold the property, my uncle would have no place to live without the money to support him. And he will be very dissatisfied with some kind of small apartment. In essence, my dad was the only one who had the financial means to buy property to keep it in his family.
My dad has put over $ 100,000 into it so far. He has experienced all this problem of contacting a missing family member for a long time to get their signature for the purchase of property in exchange for money for them from the property.
The biggest problem here is: my dad’s other brother sometimes sleeps in the property, but he mainly uses it to store items from his junk removal business. As a result, the properties are pretty much in the trash. Apparently he doesn’t benefit much from the junk removal business, so it would be difficult for him to pay my dad any kind of rent.
He has borrowed a lot of money from my dad and other family members over the years. My dad has less patience with him and wants his brother to do the real job, rather than trying to run his business while throwing his property in the trash.
My dad wants to clean the property, so he can eventually borrow a loan to build a house on land and resell it.
First of all, (a) you don’t live, (b) used for accommodation and storage by others, and (c) never spend $ 100,000 of your money on a house owned by some people. Please do not enter. I don’t have the money to buy you. I understand that spending money on this house helps maintain and improve its value, but the increase in value can be evenly distributed among the owners if sold. There is sex. Your dad will have a hard time getting the money back.
The problem is that your uncle who lives there has a reason to welcome home remodeling and make the house more comfortable all over the world, but giving up the house and renting a small apartment is not very rewarding. He can live there without rent, loses the safety of being a proverbial cog, and prevents income from being split between his brothers and property being sold. It’s a difficult place.
“”Your dad’s dilemma is the result of bad fortune. Leaving home with multiple siblings will arouse long-standing resentment and shed an unpleasant light on the gaps in their financial lives.“
If he wants to sell a home instead of making it last for years, he should do his best to tell other owners if he wants to sell it. Given what you said about other siblings using the property for different purposes, he is unlikely to reach consensus. In this way, he can take split action to force his brother to sell their share. The court will determine if there is a strong reason to sell. This is expensive and can be a legal issue.
As Weiss & Weiss Law Firm Status of this blog post Regarding the split: “If two or more owners disagree with the disposition of the property in question, any of the owners can file a proceeding in the appropriate court.” And someone in the property What if you live? “The owner does not have the right to prevent the potential sale of real estate simply because he lives in the real estate,” the company says.
You may have questions: “Each co-owner has the opportunity to provide evidence of their contribution to property maintenance, such as real estate taxes, insurance, and property repair payments, and the income they may have earned. You will be given to rent real estate, “the company added. “The court-appointed referee then issues a report to the court detailing what each owner should receive from the sale of the property and incorporating evidence from the inquest.”
Your father’s dilemma is the result of a bad property plan by your grandparents. Leaving home with multiple siblings certainly stirs long-standing resentment and only casts an unpleasant light on the economic life gaps of each sibling, exacerbating existing tensions. This is a sneaky effort for co-owners to smoke other co-owners, where they can take fraudulent actions such as turning off water or electricity.
Selling a home then or now will prevent it.
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