QUESTION
Can I charge her rent as a tenant since he owns less than 50%?
Asked on Jul 02nd, 2016 on Landlord and Tenant Law - California
More details to this question:
My brother at first wanted me to buy him out of his 25%. I went through a mortgage broker to refinance the property. The bank stated since the house is in a trust, he will need a letter stating that he give up his 25%. Now he refused because it is not from a national bank and got a lawyer because she thought the trust was fraud. Per request of the lawyer’s letter, I sent the documents to him as well. The lawyer states the Trust documents are valid. Now he states he wants to move in.
1 ANSWER
When you own something with another person, neither one of you can point to a particular location and say I own that corner exclusively. You both own the entire property together [just as in a stock corporation, where more than one person owns stock]. So no, he is entitled to move into the house without having to pay rent. ?As to his objection that it is not a national bank, so what. If the bank goes under, the most that can happen is you do not have to pay the mortgage money back. The bank has given you the money already, so only it has the worry that a non-payment will occur.
Answered on Aug 01st, 2016 at 10:58 AM