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RogueGypsy · 12-08-2010, 06:19 PM

If I understand this right:

The Three of you inherited a Property.
There is a dwelling on the property.
There is no outstanding debt on the title of the property (you 3 own it, not the bank).

If this is correct.

1. What is stopping him from just moving in and squatting? If he's as nefarious as you suggest, he's probably thought about it.
2. Owning a communal property is a PITA for everyone involved, get out if you can.
3. What was the value of the property when you inherited it?

My suggestion.

The two of you, whom he wants to buy-out, need to determine a fair price to sell. That price should not be based on today's market, but an average of the high and low since the property was inherited. Leaning toward the high end.

Get a bank appraisal of the loan value of the property, if that value falls near your 'fair price'. Send him to the bank to finance the property. If a Bank has the property as collateral, his credit or lack of, should only influence the interest rate of the loan. He should also be able to use his current home as collateral if there is no outstanding loan.

IF he isn't willing to take on the financing, he isn't willing to pay the debt.

The only other option I would look at, is suggested above. Hire a lawyer, draw up a contract and open an escrow account. He can then pay into the account until the agreed upon amount is reached. Then and only then, you take the money and sign a quit claim deed giving him full title. At which point he may occupy the property, not before.

Either way, the two of you get your inheritance and he gets the property, or the bank gets it. With no loss to you or your other brother.

..

12-08-2010, 06:19 PM	#38 (permalink)
RogueGypsy Insane Location: The Great NorthWet	If I understand this right: The Three of you inherited a Property. There is a dwelling on the property. There is no outstanding debt on the title of the property (you 3 own it, not the bank). If this is correct. 1. What is stopping him from just moving in and squatting? If he's as nefarious as you suggest, he's probably thought about it. 2. Owning a communal property is a PITA for everyone involved, get out if you can. 3. What was the value of the property when you inherited it? My suggestion. The two of you, whom he wants to buy-out, need to determine a fair price to sell. That price should not be based on today's market, but an average of the high and low since the property was inherited. Leaning toward the high end. Get a bank appraisal of the loan value of the property, if that value falls near your 'fair price'. Send him to the bank to finance the property. If a Bank has the property as collateral, his credit or lack of, should only influence the interest rate of the loan. He should also be able to use his current home as collateral if there is no outstanding loan. IF he isn't willing to take on the financing, he isn't willing to pay the debt. The only other option I would look at, is suggested above. Hire a lawyer, draw up a contract and open an escrow account. He can then pay into the account until the agreed upon amount is reached. Then and only then, you take the money and sign a quit claim deed giving him full title. At which point he may occupy the property, not before. Either way, the two of you get your inheritance and he gets the property, or the bank gets it. With no loss to you or your other brother. .. __________________ Methods, application and intensity of application vary by the individual. All legal wavers must be signed before 'treatment' begins. Self 'Medicating' is not recommend. However, if necessary, it is best to have an 'assistant' or 'soft landing zone' nearby. Any and all legal issues resulting from improperly applied techniques should be forwarded to: Dewy, Cheatum & Howe, Intercourse, PA 17534. Attn: Anonymous.