rreal estate

What is the name of your state? California
my husband owns a house with his brother
the home is free and clear
the brothers wife runs a beauty shop from home
she pays 1/3 the going rent
my husband wants to sell the house
his brother does not because wife is renting stations and has income from subleasing
my husband wants the brother to buy him out
brother refuses to sell, and refuses to buy out
what are my husbands options

[HomeGuru]

[quote]Originally posted by marlene marson
[b]What is the name of your state? California
my husband owns a house with his brother
the home is free and clear
the brothers wife runs a beauty shop from home
she pays 1/3 the going rent
my husband wants to sell the house
his brother does not because wife is renting stations and has income from subleasing
my husband wants the brother to buy him out
brother refuses to sell, and refuses to buy out
what are my husbands options

**A: file for partition.

thank you for your quick response, I was aware of the partition my question is can he evict the tenant (brothers wife) or can he at least raise rent to fair market value

[HomeGuru]

[quote]Originally posted by marlene marson
[b]thank you for your quick response, I was aware of the partition my question is can he evict the tenant (brothers wife) or can he at least raise rent to fair market value

**A: no because his brother is also and owner too.

it doesn't seem fair that we can't obtain fair market value for rent and the brother refuses to buy out or sell property
I guess our only recourse is to file a partition
can you tell me where I can obtain this document

[HomeGuru]

[quote]Originally posted by marlene marson
[b]it doesn't seem fair that we can't obtain fair market value for rent and the brother refuses to buy out or sell property

**A: I agree, it is not fair
but your husband never forced the issue with his brother through negotiation, mediation, arbitration or litigation.
***********
I guess our only recourse is to file a partition
can you tell me where I can obtain this document

**A: it is not a document per se but an action via a court complaint. Consult with a real estate attorney.

I had my husband tell his brother we were going to be forced to hire
an attorney and file a partition which would force him to buy us out or sell property and I also told my husband to tell him we would sue for attorneys fees. I wrote an additional note to brother that he should consult a real estate agent in the area of the home for a market analysis or he could have a fee appraisal done but that would cost him up to $500 dollars. My husband just called and his brother informed him he is having a real estate agent write us an offer.

[HomeGuru]

Keep us posted and good luck.

Well the offer has been signed and we opened escrow
I spoke to title co. thinking because the house was free and clear did we really need a full escrow or could we just grant deed our share to brother
Due to the fact the brother is going to be getting a loan against property to pay off my husband the lender would require a regular escrow and title search
They are going to split escrow and title fees which is customary in this area
I'll keep you posted

[HomeGuru]

Yes, employing the serives of an escrow company is the correct way of handling the transaction.
We will wait to hear from you after closing.