 Nozzleman
Member
Team Member
Joined: Oct 2002  IN, USA
 Posts: 1832 Feedback: 100% (1) |
Posted: 7/25/2012 10:45:08 AM
THE IMAGE ABOVE IS A PAID ADVERTISEMENT From my perspective: nephew's Ex recently sold his inherited (from his mother) property to outsider. Do I have grounds to dispute and purchase it myself to keep in the family? New owner won't sell. |
|
|
gopeterson
Hoya Saxa
Team Member
Joined: Dec 2004 VA, USA
Posts: 13526 Feedback: 100% (5) Link To This Post |
Posted: 7/25/2012 10:56:43 AM
[Last Edit: 7/25/2012 10:57:21 AM by gopeterson]
Not an expert on Michigan law. What I will tell you is that in many states such a restriction is void as a restraint on alienation. In Virginia, for instance, the provision would likely be stricken and then the siblings would be deemed to be fee simply owners as joint tenants with the right to bring an action for partition. While I cannot comment on the state of Michigan law, I suspect it would be in your interests to run this by a lawyer there.
|
|
|
BushBoar
Hated Divorce Lawyer
Moderator
Joined: Mar 2004 NY, USA
Posts: 21137 Feedback: 100% (24) Link To This Post |
Posted: 7/25/2012 12:57:19 PM
Originally Posted By gopeterson: Not an expert on Michigan law. What I will tell you is that in many states such a restriction is void as a restraint on alienation. In Virginia, for instance, the provision would likely be stricken and then the siblings would be deemed to be fee simply owners as joint tenants with the right to bring an action for partition. While I cannot comment on the state of Michigan law, I suspect it would be in your interests to run this by a lawyer there. I can think of a couple reasons why that would be stricken here. |
|
|
Nozzleman
Member
Team Member
Joined: Oct 2002 IN, USA
Posts: 1833 Feedback: 100% (1) Link To This Post |
Posted: 7/25/2012 1:17:39 PM
To clarify, we each own adjoining property, not co-owned.
|
|
|
gopeterson
Hoya Saxa
Team Member
Joined: Dec 2004 VA, USA
Posts: 13528 Feedback: 100% (5) Link To This Post |
Posted: 7/25/2012 1:28:26 PM
[Last Edit: 7/25/2012 2:17:39 PM by gopeterson]
Originally Posted By Nozzleman:
To clarify, we each own adjoining property, not co-owned. Ahhhh... That makes a bit more sense. I would stick with my original advice of seeking out a competent Michigan lawyer to review. At least in Virginia (not commenting upon Michigan), the restraint on free alienation of the property would likely be struck. One exception might be if there was some aspect of the language that could be read as granting only a defeasible life estate, but that sounds like a tough argument to make if there was the ability to sell albeit with restrictions. |
|
|
|
Posted: 7/25/2012 6:43:35 PM
In addition to the problems listed above, I'm sure the IRS might want to talk with you. I'm not a tax lawyer or accountant, but given the stepped up basis you get, I'd bet the IRS would have a problem with you selling it for $1,000, assuming you tried to take a deduction for a lose. Also, I'm not sure how you could (with a straight face) call it an arm's length transaction so I could see the IRS hitting you with gift taxes.
|
|
|
ARCHIVED
