Finders Fee

[deanrobertson]

What is the name of your state? Nevada
I own a home in Henderson NV.
A friend co-ownes the preoperty with me , but he is not on the title.
His lawer tells me if i do not agree to sell, he will file a law suit forcing the sale, and division of profits.

My "friend" insists on using a real estate agent recomended by his sister in law,(an agent in Georga) and has turned down two agents I have chosen.

I suspedt the reason he sticks to the referral is because he and his sister in law will get a finders fee for the referral.

Can I some how demand a part of the finders fee?

Thank you
deanrobertson

 

[divgradcurl]

What is the name of your state? Nevada
I own a home in Henderson NV.
A friend co-ownes the preoperty with me , but he is not on the title.
His lawer tells me if i do not agree to sell, he will file a law suit forcing the sale, and division of profits.

My "friend" insists on using a real estate agent recomended by his sister in law,(an agent in Georga) and has turned down two agents I have chosen.

I suspedt the reason he sticks to the referral is because he and his sister in law will get a finders fee for the referral.

Can I some how demand a part of the finders fee?

Thank you
deanrobertson

What do you mean by "demand"? You can always ask. You can also try and work something out with the co-owner to come up with something that you can both live with.

Does the "friend" have anything in writing that says he is part owner of the house, or has purchased an interest in the house?

 

[deanrobertson]

He has signed a promissory note that states we will he will buy the property
from me in ten years or I have first rights of refusal. If do not buy, we sell and split the gain. He is not on the deed but his attorney says he is co-owner. The attorney is forcing me to sell, so we can split the gain. The balloon payment is a year late, but his attorney says that I have to extend the agreement for a year, because i didn’t foreclose during the 60 day grace period, ended June 30 2006.
deanrobertson

 

[divgradcurl]

The attorney cannot force you to sell the property. Only a court can force you to sell the property.

Not only that, but it's hard to see whether the other guy has any right to sell whatever interest he might own, given that he is not on the deed. If this went to court, then a court would look at the promissory note, and determine if that gives him any rights to the property -- but currently, if he is not on the deed, he has no right to the property.

Here's your best bet -- take your copy of your deed, the promissory note, and any other paperwork you might have, down to a local attorney who can review everything and advise you accordingly. But, based SOLELY on what you've written, it sounds as if you would be free to tell the other guy's attorney -- and the other guy -- to take a hike. Make them file suit against you to "quiet title" or partition the property, then the court will make them prove that they have a right to anything in the first place.

I think that you should go see an attorney, because without seeing the promissory note, deed, or any other paperwork you might have, there is no way to tell what other agreements might exist.

 

[deanrobertson]

retyped version of the note

Below is a retyped version of the note.
Can you comment on it?
Thanks,
deanrobertson

For value received the undersigned hereby jointly and severally promised to pay to the order of -------(hereafter known as Sellers), with rights of survivorship the sum of $--,---together with interest of one half of the appreciation of the real estate located at 2530--------
Henderson NV 89014. The appreciation shall be measured by subtracting the original purchase price from the fair market value adjusted for improvements as defined in this note. Said sum shall be paid in the form of one balloon payment no later than June 30, 2005.

All payments shall be first applied to interest and the balance to the principle. This note may be paid at any time in whole or ion part without penalty.

Improvements made by the borrower on 2530……….89014, during the term of this agreement shall be done with the sellers consent and the cost shall be borne by the borrower. If mutual agreement of the seller and borrower, this cost can be reimbursed to the borrower upon the exercise of full payment of said purchase price. If mutual agreement cannot be reached, and independent appraiser at the time of computing the value of the purchase price, will determine if any improvement has added value to the real estate. The borrower will then have the right to remove the said item if they still disagree with the value.

If for any reason, the borrower cannot occupy and the property has to be sold, the seller has first right of refusal to repurchase the property from the borrower. The Borrower is entitled to their original down payment, any reduction in mortgage principle plus one half of the appreciation of the said real estate from the date of their purchase to the date of sale regardless of whom the new buyers are.

This note shall at the option of any holder thereof be immediately due and payable upon the occurrence of any of the following; (1 failure to make the balloon payment due hereunder within sixty days of its due date. (3….(4>>>