Bad family problem owning real estate: legal issue - Posted by Gary


#1

Posted by Jimmy on October 08, 2006 at 09:26:52:

You forgot to mention a critical piece of info. How, precisely, is the property titled?

if the property is owned jointly by the sisters, you may have a problem.

is sis willing to buy wife out? if no, you can try to se;; the undivided half interest. but partial interests are EXTREMELY difficult to sell, and when they do sell, they sell for huge discounts.

threatening a partition might get sis’ attention. if that fails, actually filing the lawsuit should be enough to get the deal done. it is in nobody’s interest to see the lawsuit through to its conclusion.


#2

Bad family problem owning real estate: legal issue - Posted by Gary

Posted by Gary on October 07, 2006 at 19:58:20:

About four years ago, my wife and her sister bought a condo in Las Vegas for their mother, who entered an assisted-living facility in April. She had a stroke and will never leave the facility because of her disability (she is 86).

My wife and I want to sell. However, the sister insists on keeping it–she wants to keep it for her family’s use and for her convenience when she visits LV. She wants to keep it so when she and other members of her family visits LV, they can use it rather than get a hotel room.

Is there any way to force a sale–a partitition sale ordered by a court? How do you go about this? Is it costly? A lengthy process? Is there any way to sell our half? We have half-equity; can someone buy half, or can the sister stop that sale?

This property was purchased so that the mother would not have to live in a crime-infested area in LV, but she no longer needs the property and the sister is unwilling to rent it. No good deed goes unpunished.


#3

Threat of PA usually enough - Posted by John Merchant

Posted by John Merchant on October 31, 2006 at 23:26:52:

As Jimmy says, if it’s owned and titled in both sisters’ names, the mere threat or filing of a PA is usually enough to get the parties to the table to hash out how, how much, who’s doing what.

I’d guess that probably fewer than 5% of all PAs filed ever goes all the way to a judgment, as, since the Defendant and his lawyer know that a J COULD be had, and they might as well face reality and start bargaining.