I sold a property, and with proceeds of 102k, I purchased a triplex in Atlantic city with my single brother.. He resides in one unit and rents out 2 others. Our agreement was that he would pay me 1000/mo and also the monthly mtg payment of approx 1000 to the bank.This worked fine for 6 yrs. He also rents 1 (sometimes 2) bedrooms of his 3 br unit to friends. He keeps anything over and above the payments to the bank and myself. Lately, he just refuses to pay my 1000 and states "I'm broke"My dilema is that I want to sell the property, recoup my 102k and let him have whatever proceeds are left, only because we are stressed about getting our monthly check which comes about mid month instead of the 1st of the month. He probably can't get a mtg because he is a bartender and declares no income tax. The property and mtg are in 3 names. My brother, my wife and myself.
Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.
Good afternoon. If he will not agree to sell voluntarily or buy your interest by refinancing and getting you released from the mortgage, you can file a suit forpartition. The result of that suit will be one of thefollowing: i) if the property can be equitably subdivided, the court willorder the property divided into smaller parcels with each owner then owning100% of their own smaller tract with full control over that tract; or ii) ifthe property cannot be equitably subdivided, the court will order the propertysold and the proceeds divided.
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Do you practice in New Jersey?
Also, I realize you cannot predict a Judge's decree, but would I get the first 102k from the sale, since this is the deposit on the propery?
I do not. Yes, you would likely be entitled to be reimbursed the money you have in it before any division of excess amounts.
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