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Started By
Message
re: Question.. Interesting Tenant Landlord situation.
Posted on 3/28/23 at 12:00 am to tigerbacon
Posted on 3/28/23 at 12:00 am to tigerbacon
Pardon me, but it has nothing to do with ethics. It has to do with legalities. If this man had a will or other siblings or relations (that we don’t know about), then they may have as much legal right (or more) to this property as the brother (that we do know about).
I certainly did not suggest that the OP negate the lease purchase and keep the property. I clearly stated that the deal with the estate of the deceased should be honored. But with what knowledge we have here, at least in my state, the property would belong to the deceased man’s estate. You giving it to someone who may not be entitled to it, while depriving someone who may be, I don’t see as good karma. And I very seriously doubt that a judge would see it that way either.
Best advice was given by NBR_Exile above: contact a good attorney.
Or… take layman advice from a message board and roll the dice.
I certainly did not suggest that the OP negate the lease purchase and keep the property. I clearly stated that the deal with the estate of the deceased should be honored. But with what knowledge we have here, at least in my state, the property would belong to the deceased man’s estate. You giving it to someone who may not be entitled to it, while depriving someone who may be, I don’t see as good karma. And I very seriously doubt that a judge would see it that way either.
Best advice was given by NBR_Exile above: contact a good attorney.
Or… take layman advice from a message board and roll the dice.
1
Posted on 3/28/23 at 10:26 am to Jag_Warrior
quote:
contact a good attorney.
Seems that I am good at that as of late..
Thanks everyone for the input... I do agree with the Karma thing... But also the legality thing as well. As far as I am concerned that man kept to the agreement and had he lived just one more month, he would have fulfilled the agreement and the property would be his.
But,,, On the other hand.. It reminds more of the story of my cousin as posted above... I do not know if the man had any other family than the brother or if they knew about the house either.
This deal was made with and between my business partner.
Thanks for all that took the time to reply.
Posted on 3/28/23 at 11:09 am to WWII Collector
Is this a mobile home?
I'm trying to figure out the $90,000 paid over 15 years (not lump sum price) as it relates to a lease purchase.
In Georgia, a lease purchase typically lasts one to five years.
After that, the tenant buys the property from the landlord with bank financing. The rent paid over market credits the down-payment (to meet a 3% or 5% down-payment requirement for the bank financing).
The tenant has zero rights until the property is bank purchased.
Your deal sounds more like a land contract with owner financing. But structured as a lease agreement, the tenant literally has no rights to the property due to death before the execution of the contract.
I'm trying to figure out the $90,000 paid over 15 years (not lump sum price) as it relates to a lease purchase.
In Georgia, a lease purchase typically lasts one to five years.
After that, the tenant buys the property from the landlord with bank financing. The rent paid over market credits the down-payment (to meet a 3% or 5% down-payment requirement for the bank financing).
The tenant has zero rights until the property is bank purchased.
Your deal sounds more like a land contract with owner financing. But structured as a lease agreement, the tenant literally has no rights to the property due to death before the execution of the contract.
Posted on 3/28/23 at 12:00 pm to Jag_Warrior
"Continue to deal fairly… and legally"
Well that's the Catch-22 here.
Fairly? Does that mean sticking to the contract or doing something other than what's stated in it?
Legally? Not deviating from the contract.
But, I do agree that contact with a "real estate" attorney is applicable.
Well that's the Catch-22 here.
Fairly? Does that mean sticking to the contract or doing something other than what's stated in it?
Legally? Not deviating from the contract.
But, I do agree that contact with a "real estate" attorney is applicable.
This post was edited on 3/28/23 at 12:02 pm
Posted on 3/28/23 at 12:33 pm to ItzMe1972
quote:
"Continue to deal fairly… and legally"
Not really a Catch-22. I try to do it in my dealings. Although the OP’s situation is pretty unique, I believe that with (professional) legal guidance, he can too. I mean, don’t look for a slick, legal loophole in order to benefit himself. But also, legally, don’t sign something over to a person, who may or may not be entitled to it, just because you have some idea that karma will smile on you. This sounds like a rather serious situation, not an episode of My Name is Earl.
Posted on 3/28/23 at 12:39 pm to WWII Collector
I truly hope this works out and doesn’t cause you any headaches. I acted as executor for my uncle’s estate and over those two years, I learned a LOT about human nature when larger amounts of money are involved - none of it good.
So good luck. Please keep us updated.
So good luck. Please keep us updated.
Posted on 3/28/23 at 1:51 pm to tigerbacon
quote:
In life I operate on a certain code of ethics. I would sign it over to the brother and get the good karma. Has worked well for me in life
I disagree. The house should go to the man that died not his brother. If the man has kids for example and you sign it over to the brother, you are selling what should go to the kids to the brother for one months rent.
Posted on 3/28/23 at 4:19 pm to omegaman66
quote:
The house should go to the man that died not his brother. If the man has kids for example and you sign it over to the brother, you are selling what should go to the kids to the brother for one months rent.
That is one heck of a take right there.
As of this moment... Nothing has changed or changed hands except that the brother is now just living in the house.. (Rent Free) With no transfer of ownership or contact really either way. While we have just sat pondering what exactly to do. Or what the right thing to actually do is?
And nothing has been planned. I just decided I would ask the folks on TD what they thought about the situation and what they would do so I could relay the information that I had obtained...
This post was edited on 3/28/23 at 4:20 pm
Posted on 3/28/23 at 4:42 pm to omegaman66
quote:
I disagree. The house should go to the man that died not his brother. If the man has kids for example and you sign it over to the brother, you are selling what should go to the kids to the brother for one months rent
Exactly! I’m not sure why he brought karma into the discussion or told the OP not to be that guy, if there are heirs or beneficiaries that are yet unknown, he should just give it to this brother?
If I was the deceased’s other brother, sister, child or whatever, and I found out that this happened, my attorney wouldn’t be sending karma… it would be a lawsuit.
Posted on 3/28/23 at 6:12 pm to WWII Collector
quote:
Nothing has changed or changed hands except that the brother is now just living in the house.. (Rent Free) With no transfer of ownership or contact really either way
Oh Boy. This could get ugly in a heart beat. Proper counsel and expedient attention are your partners best options. I would do everything possible to get that property out of my name and into the original tenant's estate tomorrow.
Posted on 3/29/23 at 10:47 am to WWII Collector
quote:
The house should go to the man that died not his brother.
This is the 100% correct answer. His estate gets the home and the estate can decide who the home goes to. It is not anyone else's decision to make. I would get an attorney asap on it though.
Posted on 3/29/23 at 7:35 pm to WWII Collector
quote:
That is one heck of a take right there.
As of this moment... Nothing has changed or changed hands except that the brother is now just living in the house.. (Rent Free) With no transfer of ownership or contact really either way. While we have just sat pondering what exactly to do. Or what the right thing to actually do is?
And nothing has been planned. I just decided I would ask the folks on TD what they thought about the situation and what they would do so I could relay the information that I had obtained...
Just tell us what you plan on doing. Are you going to let the brother have the house or what?
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