I am going have to agree with my colleague Steven Goldman from Realty One
and say this was not a very smart decision
If I can be of further assistance and answer
Any of your other questions please contact me
Realty One Group
CERTIFIED FOORECLOSURE ALTERNATIVES CONSULTANT (CFAC)
I KNOW LAS VEGAS AND HAVE FOR OVER 40 YEARS
I am not an attorney so this will not be a legal answer. I have a brother and I would sit down and hash it out without regard to the law. I agree with some of the answers below that said this should have all been settled prior to the start of sharing the home, but these things never are settled. How you guys are on title will come into play. Do you each own a stated percentage or??? I have a great real estate attorney that you might want to talk to. Shoot me an email and I will send you his contact information.
Desert Valley Realty
10161 Park Run Drive #150
Las Vegas, NV 89145
702-763-SELL (7355) office
Be sure to tune into 720AM every Saturday at 6pm to hear me host "The Real Estate Show!"
There are no sources to quote or laws to mention.
Both of you are at fault by not having an agreement in writing before the property is purchased. Put this as one of the most stupid things you both did in your life.
Personal opinion does not exist when there is a business arrangement. No laws were violated.
Option #1: You move in and get rid of the rent paying person.
Option #2: Leave the rent paying person in and whoever is receiving the rent (your brother) keeps it. Let them pay for the maintenance and utilities also.
Option #3: Let your brother buy out your share now that he has rent coming in. I bet the payments will just about equal the payment that you want to receive. Call us in 30 years and we will use the funds to buy you another property that you can call your own.
Option #4: You buy out the brother and you get the property. Have your brother call me and we will get him a property all his own. Get a loan if you need to.
Option #5: Depending upon the vesting (how the title is recorded, wait for him to die and you may receive the entire property. It could be vested (recorded) in a way that his portion of the property will be distributed by his will. That may make your new "business" partner(s) another person or group of people that you do not know but you will come to love and cherish them through the dealings of the property.
Option #5: Be prepared to pay the upkeep including taxes and insurance for the property and expect nothing in return.
Option #7: You will need both brothers to agree on this one, set up a trust with the rent income going into the trust. When the trust is set up, instructions will be filed with the trust as to who gets what from the trust. Seek out a great trust attorney for this Asset Protection issue.
If this question was from your brother, I would provide the same advice:
If you cannot agree on the ownership of the property, seek an attorney to help you both agree and fix the ownership issue. Get it in writing and place it with your wills.
My daddy always told me to never, ever, do business with your friends or relatives. You will lose them both.
Please contact me immediately if you know a person that cannot make their mortgage payments. I will work with them to avoid foreclosure or bankruptcy at no charge or fees to them.
The Brodkin Group
Steven Goldman, CRS
Certified Distressed Property Expert (CDPE)
Certified Default Advocate (CDAT)
Certified Short Sale Professional (CSP)
Certified Probate Real Estate Specialist (CPRES)
GRI, ABR, SRES, CNHS, PM, CCI
Contact an attorney for legal advice or work it out yourselves.
Sounds like a case of brotherly love gone awry!
John J. Longeway- SFR
Harmonic Realty, Inc.
2300 W. Sahara
Las Vegas, NV. 89102
Great reason for hiring an attorney when first entering into a transaction such as purchasing a house together. Contracts, even though seem a nuisance when putting them together, can save a lot of questions and potential issues in the future. I have long said deciding on the terms of a contract is to give the parties to that contract an opportunity to think about issues never considered prior. But that is the past and it appears that was not done.
At this point, it would probably help both of you to now hire an attorney to work up an agreement. They can be a neutral third party and most helpful. It can save a good relationship and make sure there is clear understanding for all concerned.
I am not an attorney, but would be happy to refer you to two or three I have worked with and found worthwhile.
The best to you.
Las Vegas Investments and Realty
It sounds like this is a legal issue or one for a property manager . It pays to hire a professional to resolve these matters .
Honestly , if you're not going to hire a professional , then work it out amongst yourselves . An agreement is just that . There is no set rules . I don't know if the other brother has more equity in the property for instance. I don't know what the agreement was while he lved there? The issue is that you need an agreement . Put that agreement in writing , set up a trust account where the rent gets deposited by the tenant and itakes two signatures to draw it out . Or buy your brothers share of the property and then you won't have a problem . Whatever you decide , be certain to put it in writing , have it notarized and witnessed by a neutral third party . Also check how you vested title . Again , these are all legal matters heat are better asked of an attorney and not a real estate professional . We are not licensed to practice law or give you legal advice .