Is the baseline the appraised value alone or do commissions and sale expenses, taxes get figured in?
The answer to your question is not as easy as it seems. Is this a residential property or a commercial property? Did both parties contribute equally to the purchase and maintenance of the property? And, most importantly, was an agreement entered into before the property was purchased regarding the purchase and ownership of the property?
A clear written agreement would generally control. When purchasing real estate with another person you should always have a clear, detailed written agreement that sets out the terms of purchase, ownership and sale.
If there is no agreement, there is no set formula but generally the normal expenses of the sale would be deducted from the determined fair market value of the property. Of course, without an agreement, everything is subject to negotiation and parties motivations will influence the outcome. If one side wants the deal more than the other, they will probably have to give up moire to get the deal done.
Another factor that is important is whether there is financing on the property and, if so, whether both parties signed the promissory note. If both parties signed the promissory note, the selling party would want to be released from the note by the lender. This can be difficult to achieve and the lender may requirement a payment to even consider releasing one of the parties off the note. If the remaining party cannot qualify for the loan on his/her own, the lender will not approve the release. If a release cannot e obtained, the next best option for the selling party is to obtain indemnification from the remaining party in case there is a default on the loan. Unfortunately, the indemnity agreement is only as strong as the financial strength of the remaining party.
This answer is designed to provide general information prepared by an attorney in regards to the question asked with the understanding that the he is not engaged to render legal or other professional services. Although prepared by attorneys, this answer should not be utilized as a substitute for professional service in specific situations. If legal or other expert advice is required, the services of a professional should be sought.See question
our kitchen contracter was paid cash for half of the full amout agreed on the contract. after 3 hours of work for one day, he did not return to finish the remainder of the kitchen and doesn't pick up our calls.
Most remodelers in Minnesota are required to be licensed. You can check the Department of Labor website to see if they are licensed (their license number should be on the contract), if complaints have been made in the past and how you can file a complaint.See question
My sister-in-law owns a town house and failed to sell it, so she did a contract for deed with a couple back in July. It was just for 6 months. They have never paid on time. Their first 2 checks bounced. They have been paying cash since then. T...
The contract for deed signed by the parties will control but generally a seller on a contract for deed can cancel a contract for deed if the buyer is in default by serving a Notice of Cancellation on the buyer. The buyer then has 60 days to cure the default, go to court to stop the cancellation or the contract will be cancelled.
Cancelling a contract is a precise process that is controlled by Minnesota statutes. If not done properly, the cancellation may be voided. If the buyer cures the default they will also have to pay certain others costs that are set out by statute.
Nash & Lodge, PLLP
My back y ard is next to a freeway. On the burm that separates my property and the freeway- there is a large, wooden sign owned by the local bank. This sign is on my and my neighbors property. I have asked them 4 times over the last couple of y...
My suggestion is to first send a letter to the bank demanding that they remove their sign and compensate you for the time that they have wrongfully had the sign on your property. If they take the position that they have a legal right to have the sing on your property I would demand that they provide the documentation establishing such a right.
If the bank refuses to cooperate, you ultimately can force the issue by bringing a lawsuit against them for the removal of the sign and damages. Before a lawsuit is started your property records should be checked to make sure there is not a prior lease, easement or license that allows them to have this sign on your property.See question
I was asked to move out. It was my money from a sale of my house that was used as a down payment to by the townehome. I would like to know what my right is of being bought out is?
In Minnesota you can bring a lawsuit called a "Partition Action" to have the court determine what your interest is in the property and to divide the property up accordingly. In most cases, this will result in a sale of the property and a split of the proceeds. Of course, if there is no equity, there will be no proceeds to divide.See question
A very close friend of mine has recently hit a rough patch and needs a place to stay. I live in a trailer court with a lease, along with my mother. Both her and I are present on the lease, while he is obviously not. The landlord recently found out...
Without seeing your lease it is impossible to provide a clear answer. That being said, generally the lease will have terms that state who can live or stay on the property. A person can always be added to the lease provided that the landlord agrees to adding that person.See question
If I am continually a month behind in payments can mortgage company forclose. I'm working on a loan modification but this could take 30 to 60 days.
Once you are in default the lender can start a foreclosure at any time even if you are trying to obtain a loan modification. As a practical matter, lenders traditionally do not start a foreclosure until you are three months behind; however, due to the various loan modification programs, moratoriums and a backlog of properties to foreclose our law firm has seen lenders take as long as 12 months without starting the foreclosure.
In your specific case, when the foreclosure starts probably has more to do with your lenders situation than yours.
You should also be aware that it is unlikely that you will get a loan modification if you have lost your job because you will not be able to show that you can make the payments. In addition, some lenders are notorious for never denying the loan modification request but also never approve the request.
The best course of action would be to see a lawyer who has experience in this area to look at your complete financial situation to see if it is likely that you can qualify for a loan modification, if a loan modification will actually provide a permanent solution and evaluate your other options such as a short sale or bankruptcy.See question
home is behind 10 payments and in process of modification. I need atorney who can talk to lender to get best modification possible.
The Nash & Lodge law firm negotiates loan modifications. The first questions that needs to be answered is whether a loan modification is a real solution to your problem. The track record on loan modifications is not very good. Even those who get them have a high rate of default within the next six months.
The person you want to talk to is Bill Keyes. He is an attorney with Nash & Lodge and handles these types of situations. You can reach him at 763.862.6100 or firstname.lastname@example.org.See question
I live in Minnesota and bought a 2nd home condo for investment in Florida in 2005. You can imagine how that has turned out. Long story short- I had on the market for about 2 years. It is now fully through foreclosure and the 1st mortgage is going ...
The general rule is that if there is a Notice of Dismissal without Prejudice, the plaintiff can still sue you. If the Dismissal is with Prejudice the plaintiff gives up their right to sue. In most cases, a plaintiff does not dismiss a case if they really wanted to later bring the same lawsuit. Unfortunately, the possibility still exists that they bring another lawsuit against you in the future.See question
We filed bankruptcy chapter 7 1 year ago. We did not re-affirm our home as we owed more than it was worth. We haven't made a payment in 19 months and have been waiting for the bank to give us a letter of default. Still today no such letter has arr...
Until the lender forecloses and the period of redemption ends (normally 6 months after the Sheriff's Sale) you have all rights of ownership of the property. You should check with the city to make sure that you follow their requirements with respect to renting. Many cities are restricting the rights of homeowners to rent their property and/or are imposing certain requirements on the owner who rents their home.See question