QUESTION

legal guidance needed

Asked on Oct 19th, 2017 on Real Estate - California
More details to this question:
I currently own half interest in a commercial property and also hold the Promissory Note of which around $ 53k is owed by the other two owners. The other owners have abandoned the property - I maintain / insure / pay property taxes on the property. The last payment made by the other two owners was over two years ago. One of the other two owners has indicated they are not willing to relinquish their interest in the property. What would you suggest I do to be able to get a clear title in my name only ? I do not want this to be a long drawn out process.I do not wish to sell the property but keep for my retirement. thank you in advance
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1 ANSWER

Real Estate Attorney serving Oakland, CA at Sack Rosendin LLP
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I suggest preparing a complete accounting of all income and expenses as far back as when everyone was even, had received and paid their correct proportionate shares, or all the way back until you acquired the property. I would also find out what the property would sell for now. Then I would calculate their shares and their shares after deducting what they owe you. Can you buy them out for that amount? Could you refinance to raise the cash to buy them out? If so, I would show them all those calculations and offer to do so. If they refuse, then you could hire a lawyer to do the same. The letter from the lawyer would imply that you were prepared to sue to do this. The next letter would explain that you have the right to force the sale of the property via a court action for partition, but that this would not produce the best price, the repayment of what they owe you would be the same, and everyone would also lose a lot of legal fees. Normally, such a court action would take about a year. However, Governor Brown is not fully funding the courts. Staff layoffs and not replacing judges who have resigned, has already stretched it out to 18 months in Alameda, and is predicted to get worse next year. The only way to avoid "a long drawn out process" and one which will be expensive, is to negotiate and threaten, in order to make a deal. Dana Sack 510-286-2200  
Answered on Oct 20th, 2017 at 10:15 AM

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