Ask Experts Questions for FREE Help !
Ask
    leeg328's Avatar
    leeg328 Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Jan 27, 2009, 04:34 AM
    Selling my interest in a commercial property I co-own
    My brother and I purchased a commercial property from our father about 16 yrs ago and we had our business in it up until about 5 yrs ago. I work somewhere else now and he is running a business in it. There is only about $3000 owed on it now and I am trying to get him to buy me out but haven't gotten anywhere with him. Is it possible for him and my father (the mortgage holder) to somehow maneuver without my knowledge and have me removed from the deed?
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
    Uber Member
    		  
    #2

    Jan 27, 2009, 06:56 AM
    Hello leeg:

    Nope - certainly not a LEGAL way... But, you can certainly check with the county records office... Or, if you think something untoward is going on, AND YOU DO, then I'd hire a lawyer.

    excon
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #3

    Jan 27, 2009, 07:48 AM

    Yes get a lawyer who can advise you on how to force a buyout.
    leeg328's Avatar
    leeg328 Posts: 2, Reputation: 1
    New Member
    		  
    #4

    Feb 1, 2009, 06:20 AM

    OK, if they can't remove me from the deed w/o my knowledge then what are my options as far as forcing him to buy me out
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
    Uber Member
    		  
    #5

    Feb 1, 2009, 06:35 AM
    Hello again, leeg:

    Both ScottGem and myself suggested hiring a lawyer. I haven't changed my mind.

    Look, I LOVE to help people DO legal stuff by themselves. I only suggest it, though, when the stuff is DOABLE. When it's NOT, I don't. The trick is to distinguish between what's DOABLE by a rookie, and what's NOT doable by a rookie.

    YOUR situation is one that ISN'T doable by a rookie. Even if it was, the stakes are SOOOOOO high, that it shouldn't even be attempted. That would be because you could LOSE a lot more than a lawyer would cost...

    PLUS, if a lawyer did it WRONG, you could sue HIM. If YOU do it wrong, you're just out the money.

    excon
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Security deposit interest for commercial lease [ 1 Answers ]

Is Lessor responsible for paying interest to tenant for security deposit for commercial rental in the state of New Hampshire

Selling a Co-owned Property [ 4 Answers ]

My brother and I inherited two, free and clear houses in Missouri where he lives. I live in Georgia. The two are worth about $300-$350K. My mother filed a beneficiary deed with both my brother and I on it. Mom passed away almost eight years ago. One house is rented but the other vacant. I am...

Landlord Selling Property [ 2 Answers ]

I'm renting a house in CA. We moved in a few months ago and are on a 1 year lease. Everything has been going great, we pay rent on time, our landlord is very responsive when we have problems that need to be fixed. A few weeks ago he surprised us by saying he is putting the place up for sale and...

New commercial property [ 1 Answers ]

Does getting a property in your name with no mortgage or no judgements effect your credit in a good or bad way? The building has a value 0f 220k and I owed it for a month.

Tax implication from selling property abroad [ 1 Answers ]

My wife has a property in Latvia that we want to sell. The property was privatized by her (it was owned by the USSR government before). . That was her primary residence before she moved here in 1999 and her mom lived there since. What would be the tax implication of selling this property and...

View more questions Search