Posted: 11/10/2008 8:58:52 PM EDT
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I co-own a property with my sis, cousin and two uncles. My relatives are fucked up and quarrelsome at best and sis and I are trying to figure a way to cover our asses and keep from having to deal with the offspring of my uncles(our cousins) inhereting their fathers share of the property when they die. They(my uncles) are all in their late 50's and all in poor health meaning any one of them could have a massive heart attack at any moment. Their kids are fucking drug addicted wastes of life, one murdered last year in a drug deal gone bad.
So as it stands right now, the deed records all of us as being equal partners owning 1/5 share of the property with no single owner being the controllling partner;Tennants in Common is the term stated on the deed. Sis and I are thinking we might start a LLC and transfer each of our shares to the LLC that we would own and thus the LLC would be the majority partner owning 2/5's compared to the rest where each individual owns only owns 1/5 and then forcing a sale of the property to her father-in-law's corp and paying the remaining owners their fair market share for the property and just be done with it and then having her FiL "sell" the place back to she and I for a dollar thus eliminating the rest of the family from the property, like a hostile take over of a company. yeah its a dirty deal to do your family but these fucksticks are nothing but trouble and about as greedy and dumb as the transcontinental railroad is long. What say you? |
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Quoted:
First get a Lawyer a good one. That said, I would either A, Sell them my portion or B, purchase there portion. You don't don't have to like them it's a business deal. I know that I can force a sale on my own at the court s but am more interested making sure I dont have to deal with my dumbfuck cousins in a few years. I want to keep th eproperty and we are trying to come up with a way to basically force the rest out when the time comes.. Combining our shares of the property seems to be the best solution right now but still would require court intervention. Truth of the matter is that I dont really care for anyone on the deed aside from my sister. the rest are fucking retarded, shitbags that do nothing but squabble nd fight over everything. One uncle hasnt contributed to the taxes or monthly bills in two years. The other is constantly beligerant that he has to deal with my sister and I on the deed and finally, the cousin on the deed is a constant poor mouth that does only the absolute minimum. It really isnt working out but the property was a gift to us from my grandparents and I do enjoy going there for vacations.. But the co=owners have been repeatedly troublesome and uncooperative. My sister and I are the only ones that are stable and able to coexists and generally work together. besides we are very close and havent had an argument since we were teenagers. So combining our portions of the ownership would not be a propblem for either of us.. The rest of the owners are already fearful that we might force them out and that my sister is wealthy serves that even moreso.. we have discussed tha she and I can deal with the owners on the deed now but that when the uncles start dying off the heirs are unacceptable and we need an avenue to cut them out while keeping the propperty.. |
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I would go talk to a PA attorney before you proceed. What you will ask a court for is a partition action. Here is the Pa code on partitioning. If the Court can make five equal portions they will otherwise it goes for a sale. I don't know if the Judge will force sale to a particular related party like you are suggesting. Find a good real estate attorney and get your free consultation on this.
Matt |
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I'm not a real details guy, but we (I'm in commercial real estate, the bigger the better) get our BEST deals when we buy from FAMILIES that own deeds.
There's no good way to do it on your end. If I were you, I'd sell for whatever I could to the other deed holders. ETA: or buy. either way. |
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Quoted:
Whats to stop them from turning the tables on you and sis? The remaining 3 forming their own LLC, becoming the majority, and forcing you out? ignorance, finaces, etc. besides none of them get along with each other at all. Im talking fistfights between brothers at least once a year.. 
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How much is the property worth and how old are your cousins? Who pays for maintenance, taxes, and insurance?
What if you combined your and your sister's shares, and then leased out the property? You could lease it out to yourselves. The cousins/uncles would each be paid 1/5 of the net operating income, which might be $20/month each after expenses are paid. If they're not contributing to expenses already as it is, then you won't lose much. I'm not sure though if you would need their consent to sign a lease, or if you could just do it on your own by controlling two fifths. If you can legally sign the lease without their consent, and you really want to be a dick, sign a 99 year lease to yourself and your sister, with zero rent appreciation, and negative cashflow (where rent is less than cost of expenses). Your cousins/uncles would have NO rights to use the property and they'd owe YOU money every month to cover their share of the negative cashflow. As time goes on, the cost of expenses will go up (with inflation) but the rent will remain the same; thus the negative cashflow will increase over time. Then sue them for not paying their share. See if they want to sell then  The lease will render their shares worthless. They wouldn't be able to give them away, much less find someone dumb enough to buy them.
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