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socrateaser
socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 34369
Experience:  Attorney and Real Estate Broker -- Retired (mostly)
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I am a tenant in common on an undeveloped lot in a lake community

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I am a "tenant in common" on an undeveloped lot in a lake community that we own (no mortgage). My "partner" is declaring bankrupcy. The value of the lot is about $10,000-$15,000. The annual lake association fees are now due along with taxes. 1. Will I lose the land but still be liable for association fees and taxes? 2. Can I sell the property or does the bankrupcy cloud the title and impose a lien? 3. Should I "quite claim" my share over to my partner and walk away with nothing, but clear myself on any further obligations? 4. Is there any way I can sell the property or a better course of action?
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  socrateaser replied 4 years ago.
1. Will I lose the land but still be liable for association fees and taxes?

A: You're liable for the association fees that have accrued prior to your loss of ownership by whatever means (bankruptcy, sale, foreclosure, etc.).

2. Can I sell the property or does the bankrupcy cloud the title and impose a lien?

A: You have the right to sell your interest. You cannot sell the other owner's interest, except to the bankruptcy trustee. However, the trustee will be more interested in trying to get you to purchase the other owner's interest, so you could make a lowball offer, given that selling part of a tenancy in common is very difficult, and the trustee would have to hire a lawyer in order to get the bankruptcy court to order your interest in the property sold. Lawyers cost money, and it could cost $10,000 to litigate the issue, which wouldn't be worth it, considering the property's value.


3. Should I "quite claim" my share over to my partner and walk away with nothing, but clear myself on any further obligations?

A: No. Quitclaim it to me! Seriously, you have some negotiating leverage here, so I think you may be in a better circumstance than you believe.

4. Is there any way I can sell the property or a better course of action?

A: See above.

Hope this helps.

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Customer: replied 4 years ago.
<p>Considering that we paid about $30,000 for the lot and have paidproperty taxkes and lakeassn dues for many years, and was advised by realter that lot might fetch $15,000 at best, XXXXX XXXXX't want to offer any more money to buy the other half. </p><p>Does that leave me stuck with an unsellable share? </p><p>Can the bankrupcy court take my half and sell it? </p><p>Can the other party's bankrupcy effect my credit if I am half-owner? </p><p>What would you advise (other than quit claim)  if I don't want to invest more money buying the "other half" ? </p><p> </p>
Expert:  socrateaser replied 4 years ago.
Considering that we paid about $30,000 for the lot and have paidproperty taxkes and lakeassn dues for many years, and was advised by realter that lot might fetch $15,000 at best, XXXXX XXXXX't want to offer any more money to buy the other half.

Does that leave me stuck with an unsellable share?

A: If the bankruptcy trustee thinks the property isn't worth screwing with, then he/she may simply abandon it back to the debtor at the end of the bankruptcy. Which would put you right back where you started.

Can the bankrupcy court take my half and sell it?

A: The bankruptcy court can order your half sold, but you would be entitled to the proceeds for the sale of your half interest. Maybe you and the bankruptcy trustee can simply agree to sell the property and split the proceeds. That would resolve the issue. Contact the trustee.

Can the other party's bankrupcy effect my credit if I am half-owner?

A: If the bankruptcy trustee were to sue you to get a judgment ordering the property sold, then that judgment would show up on your credit report, as a negative entry. So, yes, it's possible. However, I think you and the bankruptcy trustee may want to talk, because if you just want to cut your losses, you're in a pretty good situation to do so.

Hope this helps.


socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 34369
Experience: Attorney and Real Estate Broker -- Retired (mostly)
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