Half Of A House
i owne half the property that a house sits on, the house is in the middle of forclosure....(because of the title dispute) how might i petition the bank to sell me the other half since i think they cannot sell to anyone else or can they?
Because of fee simple ownership of land and general warranty deeds, the property has history, that may cause some previous owner to correct the defiency , ....house built on lot not correctly either positioned or divided or whatever. Previous owners or the person that built the house has LIABILTY under general warranty. YOU need a lawyer, no two ways about it. A petition to partition the property may help but I doubt it, you have an encroachment and abuttment issue. Also the law of adverse possession could come into play against you if the correct number of years have passed. Usually 14 for open and continuous, HOSTILE, possession. A court must decide.[ Edited by getitqwik on Date 10/23/2005 ]
Yes, but you should do this via an Amended Operating Agreement that you have signed and notarized by the present owners of the LLC, and give copies to your lawyer, tax person, kids, bank, etc.
Also tell your tax preparer, as now the LLC is owned by all the additional persons/members.
I have just done this with my own, and inserted a provision that whereas my children now own 1% between them, at the death of myself and wife, they are presumed to have purchased all shares of the LLC, equally, just prior to my death for $1.00 per child.
This might or might not work with your plans but it solves my problem of eliminating probate on death of self and spouse, as this way we will own nothing at the time of our respective deaths.
Thank you John, another question is if you put their names on LLC, do they have to file their income tax?
Again thanks,
Are you experienced with condo conversions in that district? Have you done all your research and know that condo conversion is a viable option? Who have you spoken to and what did they say?