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Am part owner of a house. Should I agree to sell EVEN WITH THE CONDITIONS LISTED?

Tallahassee, FL |

The other owners want me to sign a waiver to sell the house. I agree, but I refuse any ADDENDUMS saying anything other then "I agree to sell the house". I will not pay any extra costs, like they want me to. Here is the language they want me to agree to. Why won't they let me skip paying the realtor, closing costs and mortgage balance?

"I will be entitled to 1/18th of the sale proceeds, after deducting only the realtor's fees, the seller's closing costs and unpaid balance due on the mortgage note on the property."

PLEASE EXPLAIN FULLY! I am acting as my own attorney because I don't trust the attorney handling this.

Attorney Answers 3

Posted

If you hold a 1/18th share of a home, then you also own a 1/8th share of the expenses incurred to sell the home, satisfy the current mortgage, and any other legitimate liens (taxes, etc.) that are due on sale. Why should the other owners have to pay for all of that and you pay nothing? I don't understand your objection. Why SHOULD they let you skip paying the realtor, closing costs and mortgage balance??? If you don't agree to sell, then they will be obligated to obtain a judicial partition and forced sale of the home. At that time, all expenses will be paid from the proceeds before any of the owners see anything. So, you will end up with the same result, but with the addition of court costs, too. If you feel that you do not owe any expenses on the home, seek the advice of a real estate attorney who can explain it to you.

Carol Johnson Law Firm, P.A. : (727) 647-6645 : carol@caroljohnsonlaw.com : Wills, Trusts, Real Property, Probate, Special Needs: Information provided here is anecdotal and should not be relied upon or considered legal advice. Every matter is different and answers given here are general in nature and may not reflect current Florida law at the time you are reading this posting. Please contact me if you feel you need additional assistance with your matter.

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Posted

No one on here can explain fully without reviewing everything. However, it is not uncommon to expect everyone to share in the costs of the sale in some proportion, and it sounds like there are a lot of people involved. The advice you are asking for may involve you needing to obtain actual representation by an attorney. If the attorney handling the situation does not represent you, it is very reasonable for you not to rely on his or her representations.

***Please be sure to mark if you find the answer "helpful" or a "best" answer. Thank you! I hope this helps. ******

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7 comments

Asker

Posted

Please just answer the question. Why should I pay any portion of the mortgage balance, realtor commission and closing costs (includes 2012 tax bill)? I already got the other owners to let me skip the maintenance costs, 2011 taxes, PR fees, attorney fees and mortgage bills paid over the last 16 months. If they really want to sell, they should let me skip these costs too. They can pay these costs themselves. I will never agree to extra costs, even if it means letting the house go to foreclosure.

Heather Morcroft

Heather Morcroft

Posted

Excuse me? There is really no need to be rude. I DID answer the question. And I changed the designation to real estate so that if there is someone who may feel comfortable giving you more detail, that attorney would see the question. However, you are asking for legal advice as in the kind you would get in an attorney/client relationship as evidenced by your all caps PLEASE EXPLAIN FULLY and that is NOT within the purview of this forum.

Asker

Posted

Thank you for putting the question under Real Estate. But I won't spend any money to hire an attorney. If the other 17 owners don't give in to my terms, they will lose the house to foreclosure. I don't care if I receive nothing.

Heather Morcroft

Heather Morcroft

Posted

I'm sorry. With only owning 1/18th that may be a financially sound decision. Although you will have the foreclosure on your record. You might want to give a deed in lieu or sign your share over to one of the other owners. Or sell them your share outside of the closing as a whole. Just sell them your interest.

Heather Morcroft

Heather Morcroft

Posted

Be aware though that you may wind up being responsible for a share of costs associated with the foreclosure. Don't be penny wise and pound foolish. This is not my area of the law, but you want to run the numbers to see what is going to cost you the least and you may have to at least consult with a foreclosure or real estate attorney to be able to assess that. I will add foreclosure under the topics in the hope that someone can give you some additional information. I know that if the house sells for less than it is worth at auction, the owners can be responsible for the difference. Which could wind up being a lot more than the cost of closing costs or a lawyer.

Asker

Posted

There is about $100k in equity in the house. My portion is minimal, but I object on principle. I will not agree to pay anything at all. I want 1/18 of the sales price. Period. The other owners can pay the mortgage, realtor and closing costs - just like they've paid the 16 months of maintenance, bills and taxes. Is my position so unreasonable? It's my way or the foreclosure way. We will all lose if they don't do what I want.

Heather Morcroft

Heather Morcroft

Posted

I'm just being totally objective. You may be being very reasonable, but if your principle winds up costing you several thousand dollars, how good will it taste? Only you know the other players, and whether or not they are likely to give in to your demands. Sent from my MOTOROLA ATRIX™ HD on AT&T > >---------------------------------------- This email was sent by: Avvo, Inc. 1501 4th AveSuite 1900 Seattle, WA, 98101-1588, USA We respect your right to privacy - visit the following URL to view our policy. ( http://click.mail5.avvo.com/?qs=d80c7e0e72f625c635c6fe92a969e7957bc790873fb353b2384c3337af31837572db30b99ca5b714 ) ----------------------------------------

Posted

First, I agree that without reviewing the proposed Contract no one can fully answer your question. Attorneys are usually very inexpensive, will charge a fixed rate AND will let you put their fee on the settlement statement to be paid at the time of closing so you really should think about hiring an attorney or at least consulting with an attorney. The contract can always be negotiated and you can certainly make a counter-offer regardless of what the proposed offer currently looks like. If a realtor is involved working with you he or she may also be able to help you make a counter-offer based on your wishes. Good luck!

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Asker

Posted

It's not about negotiating with the buyer or realtor. Those terms have been settled in a sales contract. It's about the other 17 owners. They think we should share the cost of the mortgage balance, the unpaid taxes and the closing costs. If they want my permission to sell, I will not pay any part of these costs. They already let me skip paying 16 months worth of mortgage payments, utilities, maintenance, taxes and administrative fees. If they don't let me skip these "essential" costs, I won't let them sell the house and it will go into foreclosure. My question - why should I pay any of these costs? I have them over a barrel and they know it. I don't like the way they have treated me. I want to get as much money as possible out of this deal. And no, I shouldn't have to pay an attorney. The other 17 owners should work on my terms or no deal.

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