Multiple owners - one wants to buyout

kennethhoff · May 13, 2005

What is the name of your state? South Carolina

Summary:
Three brothers equally own a townhome left to them by their mother who passed away two years ago. The townhome has gone thru probate, all brothers names are on the deed. One of the brothers wants to buyout the others. His credit is very bad so he can only get a re-financing loan, but this requires other two brothers to sign over their shares to brother trying to get loan. Confirmed this with Bank loan manager.

Problem:
The brother trying to get loan is very coniving, a con-man and hustler. The two brothers fear once they sign over their shares, buying brother has control and can just walk away with townhome for himself. Other than this it would be a pertition for partition which could take years and cost more for lawyers fees.

Question:
Has anyone been in or faced this situation? How did you handle it? Any advice to help us not get screwed by evil brother? If the two brothers get lawyer, what can lawyer do to make sure he really pays us for our shares ?

Thanks
Ken

BelizeBreeze · May 13, 2005

I doubt anyone here has been involved with your brother in a real estate transaction.

Contact the lender again and tell them that you would be happy to sign over the home during closing as long as they bring the certified checks made out to you and your other brother.

seniorjudge · May 13, 2005

kennethhoff said:
What is the name of your state? South Carolina

Summary:
Three brothers equally own a townhome left to them by their mother who passed away two years ago. The townhome has gone thru probate, all brothers names are on the deed. One of the brothers wants to buyout the others. His credit is very bad so he can only get a re-financing loan, but this requires other two brothers to sign over their shares to brother trying to get loan. Confirmed this with Bank loan manager.

Problem:
The brother trying to get loan is very coniving, a con-man and hustler. The two brothers fear once they sign over their shares, buying brother has control and can just walk away with townhome for himself. Other than this it would be a pertition for partition which could take years and cost more for lawyers fees.

Question:
Has anyone been in or faced this situation? How did you handle it? Any advice to help us not get screwed by evil brother? If the two brothers get lawyer, what can lawyer do to make sure he really pays us for our shares ?

Thanks
Ken

I agree with BB...certified (or, even better, cashier's) checks solve lots of problems....

Once you sign away the real estate, it is gone, so get your dough up front....

kennethhoff · May 13, 2005

BB and SJ -

Please excuse me as I do not completely understand. I thought the two brothers would have to sign over their shares, the evil brother now has it and the bank says that now since you own the full house value we can loan you the money and you give it to your brothers. Doesn't the sign over have to happen first before the loan ?

Ken

seniorjudge · May 13, 2005

kennethhoff said:
BB and SJ -

Please excuse me as I do not completely understand. I thought the two brothers would have to sign over their shares, the evil brother now has it and the bank says that now since you own the full house value we can loan you the money and you give it to your brothers. Doesn't the sign over have to happen first before the loan ?

Ken

Q: Doesn't the sign over have to happen first before the loan ?

A: Yes...that's when you want the check! Do NOT sign anything till you see and touch that check!

the evil brother now has it

Has what? What is "it"?

kennethhoff · May 13, 2005

Apparently, I am going to need a lawyer to represent me. Any idea on how to find a very good lawyer with good schooling background? I live in Va, the townhome is in South Carolina. I think it is a good idea to get a local attorney, but how to start. The american bar tells me the state bar, the state bar says to check to county bar, the county bar says they only do in-house work, I need to call the state bar. The state bar then gives me to their referral service who only gives names, not backgrounds or anything else.
Any suggestions on finding a good local attorney ?

Thank you again,
Ken

seniorjudge · May 13, 2005

kennethhoff said:
Apparently, I am going to need a lawyer to represent me. Any idea on how to find a very good lawyer with good schooling background? I live in Va, the townhome is in South Carolina. I think it is a good idea to get a local attorney, but how to start. The american bar tells me the state bar, the state bar says to check to county bar, the county bar says they only do in-house work, I need to call the state bar. The state bar then gives me to their referral service who only gives names, not backgrounds or anything else.
Any suggestions on finding a good local attorney ?

Thank you again,
Ken

I would start by calling lawyers listed in the phone book and "interviewing" them by phone.

That is certainly not ideal, but I guess it is a place to start.

Multiple owners - one wants to buyout

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