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Posted on 1/8/22 at 7:32 pm to BorrisMart
quote:
Is the land in La (I may have missed that in the OP but saw a Bama tag). Is partition by licitation a La specific thing? If its in another state I bet they have a similar concept but it may be a different name. Someone will correct me on this.
Yeah I was being devilishly presumptuous. If not LA of course you're very correct, with our Napoleonic Code regime. And also correct I'm sure, with there likely being something similar. But no telling, the concepts and procedures may be substantially different. Either way, I've been no help.
Posted on 1/8/22 at 7:34 pm to TomHagen
Kids, never co-own real estate with others by choice unless you like to be aggravated and pay lawyers.
Sometimes you inherit with others and can’t help it, but choosing to be co-owners in indivision is not wise. You can set up an LLC with rules in advance on how to resolve issues, but it’s too late for that in this case.
Sometimes you inherit with others and can’t help it, but choosing to be co-owners in indivision is not wise. You can set up an LLC with rules in advance on how to resolve issues, but it’s too late for that in this case.
Posted on 1/8/22 at 7:41 pm to Twenty 49
This dude said it all! I really appreciate the info, I’m sick now that I have to tell them to seek a real estate attorney ASAP but it’s better now than later…
Posted on 1/8/22 at 7:46 pm to Recovered
quote:
Explain to me like a 16 year your LLC reasoning?
Because you can adjust the terms and membership of an LLC without needing the banks permission, including buying and selling LLC partnership share as a proxy to the actual land shares.
And would allow you to insert LLC terms for what happens to non-compliant members.
One out would be the paid off party "buying out" the other members by taking over the remaining debt in exchange for full ownership.
Another would be that in the event of some default to membership terms, to determine LLC voting rights in proportion to each parties contributed equity.
Separately, there are tax benefits for various transactions that might be involved in resolving such a situation.
But in general, it all comes down to flexibility.
Posted on 1/8/22 at 7:47 pm to davyjones
quote:
Yeah I was being devilishly presumptuous. If not LA of course you're very correct, with our Napoleonic Code regime. And also correct I'm sure, with there likely being something similar. But no telling, the concepts and procedures may be substantially different. Either way, I've been no help.
I got flashbacks of Professor Yippy and Litvinoff and started confusing myself. I guess it is true, if you don't use it you lose it.
This post was edited on 1/8/22 at 7:48 pm
Posted on 1/8/22 at 7:51 pm to BorrisMart
Definitely. I don't think I've come too close to practicing any property law. I wouldn't know where to start. I'd start with Google for sure. 
Posted on 1/8/22 at 8:47 pm to Recovered
I am not really sure that suing the other owners will benefit you at all. The bank holds a mortgage and nothing between the owners will effect that. Also, nothing you do in court will change the note. If they all signed the note they are all responible for payment.
I am confused what would be the purpose of creating an LLC? At the time of purchase;ownership by a corporation has zome benefits, but if the Corp/LLC, has no assets, then a bank will generally make the LLC members sign the note personally. People say you need to start an LLC all the time but have no idea what that means or the benefits of an LLC. They know pretty quickly if they try to borrow against it or sell it, etc. You can't get conventional financing on property owned commercially; even rentals.
If the big issue is payment by the other two owner's; do you really think taking them to court will motivate them to pay? If they are meeting the terms of the note and mortgage, there isn't much you can do. The paid-up owner can start making payments, etc. and sue the other two for reimbursment. I really think getting it surveyed and dividing it amongst the partners it where you could start. Then ask the bank for a release on your portion. However, the bank may still leave that person on the note as a requirement for for release.
I am confused what would be the purpose of creating an LLC? At the time of purchase;ownership by a corporation has zome benefits, but if the Corp/LLC, has no assets, then a bank will generally make the LLC members sign the note personally. People say you need to start an LLC all the time but have no idea what that means or the benefits of an LLC. They know pretty quickly if they try to borrow against it or sell it, etc. You can't get conventional financing on property owned commercially; even rentals.
If the big issue is payment by the other two owner's; do you really think taking them to court will motivate them to pay? If they are meeting the terms of the note and mortgage, there isn't much you can do. The paid-up owner can start making payments, etc. and sue the other two for reimbursment. I really think getting it surveyed and dividing it amongst the partners it where you could start. Then ask the bank for a release on your portion. However, the bank may still leave that person on the note as a requirement for for release.
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