Facing a property dilemma

[Rickster]

  On 11/21/2011 at 2:51 PM, Tigershark1976 said:

few million dollars better dont haolian here.... many MCFers are billionaire... [laugh] (just joking)

 

seriously speaking, what can a million dollar do? even a condo above 1000sqf in prime AMK area also not enough!

 

Even if he got 3 mill, the most he could get a semi-D heartland area (+ classy full reno & good quality furnitures)...

 

People who stays in million dollar homes are more often than not, also having million dollar debts/liabilities/loans.

 

Unless they fully paid up their condo/landed property in cash, then different story.

[Viceroymenthol]

  On 11/22/2011 at 7:39 AM, Rickster said:

Your friend is treating his siblings unfairly and sacrificing family ties with his own personal ideals.

 

Imagine if you and your brother own a condo and each holds a 50% share.

 

Just because he pays the property tax and maintenance of it, do you think it is fair to you if he occupies the whole condo like its his own?

 

When you want to cash out, he comes and tell you that you have no right to do it. Reason being he has been staying for free there all these while and also taking care of the condo. How would u feel? right?

 

My thoughts exactly.

 

Property tax on a GCB, maintenance, etc added together is still cheaper than renting a house of that size, which can come up to $20k or $30k a month depending on condition and location.

 

He already had his shiokness living there for the past few years, rent free.

 

He has to realise the opportunity cost of not renting the GCB out or not selling it.

 

Opportunity cost is the word here. How can he be so selfish as to ignore the costs of his siblings?

[Darryn]

  On 11/22/2011 at 1:51 AM, Ben5266 said:

The chinese tradition... or rather immigrant chinese tradition... we would like to have a house for the family to pass from 1 generation to another..

Usually the eldest son will get the responsibility. Later when his time is due.. how to face his parent up there?

Selling is easy. But to buy back... almost impossible in Singapore now.

The now generation... only cares about themselves.

 

If really really want it to be in the family - then create a trust and transfer ownership to the trust, who can rent it back to the family at whatever appropriate rate the family agrees upon.

 

Then the house can stay in the family, but can also have some sort of fairness to all

[Ngck]

  On 11/22/2011 at 12:14 AM, Adrianli said:

I dont know the property under whose name. He headache cos he already received the lawyer letter from his siblings. I will just let him know the advises mentioned here. Let him decide for himself. I dont want to meddle with his family matters. Just to share it over here.

 

ya... just offer him some options and let him decide.... family affairs hard to be judge...

 

sibling talk via lawyers letters already very bad liao....

[Adrianli]

He just informed me, they had a family meeting. Apparently, two siblings n one nephew side him, one sibling neutral and its the one sibling and one nephew(who is a lawyer) against him and sent him the lawyer letter.

 

World war III among them gona erupt!!!

 

 

So its 4 vs 2. Looks like no happy ending coming.

[Mllcg]

  On 11/24/2011 at 8:23 AM, Adrianli said:

He just informed me, they had a family meeting. Apparently, two siblings n one nephew side him, one sibling neutral and its the one sibling and one nephew(who is a lawyer) against him and sent him the lawyer letter.

 

World war III among them gona erupt!!!

 

 

So its 4 vs 2. Looks like no happy ending coming.

 

wah. 4 vs 2.

 

but lawyer against him. difficult leh.

[Darryn]

  On 11/24/2011 at 8:35 AM, Mllcg said:

wah. 4 vs 2.

 

but lawyer against him. difficult leh.

 

Hmmm...can three sibligngs gang together to buy out the 20% share of the one who want to sell?

 

Why do the nephews get a say - ddoesn't the house belong to siblings?

 

Sounds like the laywer nephew is a money grubber and is psycho the parents into doing this.

 

 

ETA - say house is $15 million, 1 silbing share is $3 million, split 3 ways is $1 million each. Then should be discount for saving on the fight costs etc etc so maybe $800k each - much more achieveable right?

Edited November 24, 2011 by Darryn

[Ngck]

  On 11/24/2011 at 8:35 AM, Mllcg said:

wah. 4 vs 2.

 

but lawyer against him. difficult leh.

 

 

 

Q. Why won't sharks attack lawyers?

A. Professional courtesy.

 

Q. Why is going to a meeting of the Bar Association like going into a bait shop?

A. Because of the abundance of suckers, leeches, maggots and night crawlers.

 

Q. What's the definition of a lawyer?

A. A mouth with a life support system.

 

Q. What's the definition of mixed emotions?

A. Watching your attorney drive over a cliff in your new car.

 

Q. Have you heard about the lawyers

[Darryn]

What do you call a laywer at the bottom of the ocean?

A good start

 

What do you call 10 lawyers at the bottom of the ocean?

An even better start

 

What do you call an honest laywer?

Dunno, nobodies ever seen one

 

Did you hear about the time that the God and the Devil were having an argument? God threatened to sue the Devil. Hades just laughed and said "and where are you going to find a laywer?"

 

[Mllcg]

adrian, whats the situation now?

[Happily1986]

  On 11/24/2011 at 9:28 AM, Darryn said:

Hmmm...can three sibligngs gang together to buy out the 20% share of the one who want to sell?

 

Why do the nephews get a say - ddoesn't the house belong to siblings?

 

Sounds like the laywer nephew is a money grubber and is psycho the parents into doing this.

 

 

ETA - say house is $15 million, 1 silbing share is $3 million, split 3 ways is $1 million each. Then should be discount for saving on the fight costs etc etc so maybe $800k each - much more achieveable right?

 

Sadly to say, i have the same sentiments as you do. A lawyer emerging within the ranks of family as the latter negotiate domestic affairs is never a good sign.

[Mllcg]

  On 11/24/2011 at 4:22 PM, Happily1986 said:

Sadly to say, i have the same sentiments as you do. A lawyer emerging within the ranks of family as the latter negotiate domestic affairs is never a good sign.

 

if there is a will,

 

and it states clearly only the children get it, can the lawyer "override" the will by going to court?

[Happily1986]

  On 11/24/2011 at 4:24 PM, Mllcg said:

if there is a will,

 

and it states clearly only the children get it, can the lawyer "override" the will by going to court?

 

A legal binding will should be paramount above anything unless it can be proven satisfactorily that the execution of the will was made under troubling circumstances e.g. under duress. Or say another will was made in secrecy and specifically madated to supercede the will in question. If it suddenly appears in the open and its execution was found to be sound, then the will in question can possibly be overturned too.

[Mllcg]

  On 11/24/2011 at 4:28 PM, Happily1986 said:

A legal binding will should be paramount above anything unless it can be proven satisfactorily that the execution of the will was made under troubling circumstances e.g. under duress. Or say another will was made in secrecy and specifically madated to supercede the will in question. If it suddenly appears in the open and its execution was found to be sound, then the will in question can possibly be overturned too.

 

so he still has a hope?

 

if there is a will that clearly states only the children get it, then the nephew can LLST and cant "influence" the sale of the house?

Edited November 24, 2011 by Mllcg

[Happily1986]

  On 11/24/2011 at 4:31 PM, Mllcg said:

so he still has a hope?

 

if there is a will that clearly states only the children get it, then the nephew can LLST and cant "influence" the sale of the house?

 

the will only states clearly who will get what in details. it doesn't specifically stop anyone from trying to do anything. whether the nephew succeed or not is another question.

[Ultramega]

  On 11/24/2011 at 9:28 AM, Darryn said:

Why do the nephews get a say - ddoesn't the house belong to siblings?

 

Because some siblings passed away already. The nephews in question are the sons of the dead siblings and they inherited their mum/dad's share. So they have a say.

[Nikkei121]

The only reasonable thing to do is sell indeed.

Why waste time, your friend don't own the property fully. So he has no right to stay in the house without rent as he is not the only child.

Sell, Split, buy a another place and make everyone happy.

[Drumstick]

  On 11/24/2011 at 4:31 PM, Mllcg said:

so he still has a hope?

 

if there is a will that clearly states only the children get it, then the nephew can LLST and cant "influence" the sale of the house?

 

If there's a will stated to share among the siblings, and 1 of them passed away, the children can contest to claim on behalf.

 

If it is a 4V2 majority vote, chances are court will rule in favour of the majority.

 

If bring to court case, can your fren tahan the fees?

 

No joke, with such cases, and past cases, the fees amounted to a million for fight.

 

All true colour will come out during such cases.

 

It would be advisable for TS fren to proceed with sales and cut ties with the greedy newphew / siblings in case in future they find new ways to suck money again. Some are very evil de...