Facing a property dilemma

[Adrianli]

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?

 

Not possible for the other siblings to buy out the others share. They are not millionaires to begin with. Only regular salary man.

 

The nephew has a say cos the parent already passed away. BTW, he did tell me that the parent passed away like two months ago only. Now this nephew(lawyer), gathering siblings to put thru a sale of the property.

 

 

[Adrianli]

adrian, whats the situation now?

 

As of yesterday, its 4 vs 2 and 1 neutral.

 

 

Err......me not kaypo type hor. He wana tell me, he call me lor. I wont call him to ask him for more details one. As I said its a family affair n I dont wish to meddle with it. I can only give him the advises here. I do not want to tell him what to do, later anything wrong, I lose a fren.

 

If I am not wrong, the property is under all eight siblings name.

 

 

 

Now still the initial stage, but I can only say the battle has started.................

[Adrianli]

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...

 

My fren can only tahan 5 digit amount. But if got backing from the other siblings, I think six digit amount would be the max.

 

[Gearoil]

A word of kind advice to TS...even TS wasn't the type to take or pass on the good advice...hopefully not.

 

Only if one has a clear cut and tight case would one use a lawyer...

 

But now the issue involves family members...and lawyers would not be a wise choice to use if ever...even if there was a need for them..

 

Wise man says...

 

Your fren will need at least one family member to take care of him when he grows old...the same goes to the rest..

 

In reality, family members will always need to depend on one another....

 

Even if he fights...there will be NO winner...for ALL of them...WILL LOSE....and only the lawyers win..

 

Some sibling will find that they have 'won' by forcing the sale... but never would they realised that the exact moral value they have will be used by their own children..onto them in due time.

 

The saying that ppl never really change for the better and will really not make a difference in their time when they are alive but will pass on bad values...

 

Is true..

 

This issue highlight greed when there is money involves...and it almost always does...

 

That is why when I meet ppl who blah blah about HOW good their sons , daughters are..towards their parents and between themselves as siblings...

 

I just smile...

 

Coming here to this forum hoping to get a guru's advice on these sort of issue ..and getting it ..

 

Is fantastic......

 

But really having a guru to help sort out these issues where everyone retain their trust about each other is..

 

Priceless...

 

but knowing that almost all MCFers are also greedy and bent on getting money if they can lay their hands ( legally ) on it , heck care the moral values, is like asking a greedy man whether he needs more to satisfy his greed.

 

These issues will become more rampant especially in developed countries, where govs set bad examples and do not walk the talk...and create a high cost of living..

 

As you can see...some are already dishing bad advice(s) on this issue..

 

Could they be lawyers or are they also like those ppl with lesser moral too?

 

Your guess is as good as mine...

 

 

 

 

[Adrianli]

Just an update.

 

My fren called me yesterday to chat. He decided to not fight any court case and proceed to look for an alternative property. Being single, most likely a HDB. He do not want to see his siblings anymore after the sale of this property.

 

Another family broken up.............

[Shanhz]

Instead of selling the land for 15m, why not mortgage it then with the money, engage professionals to build an apartment block with say, 15 units. Sell each unit at 4m each ---> like that really HUAT!

I know someone who did exactly that. Can be done.

 

yes. most owners of old/big pptys do that. furthermore, 1 unit the guy can take back to live in. so he gets a better quality of life, and still stay on the original plot of land belonging to his parents (form different, substance is the same)

[Shanhz]

Q. What's the difference between a bankrupt attorney and a pigeon?

A. The pigeon can still make a deposit on a Mercedes.

 

had a good luff. so true!

but dun understand this one

Edited June 25, 2012 by Shanhz

[Kelvingoh45]

Why not rent it out and split the monthly evenly each month. This way,earning will goes on for many generation.

[Throttle2]

Just an update.

 

My fren called me yesterday to chat. He decided to not fight any court case and proceed to look for an alternative property. Being single, most likely a HDB. He do not want to see his siblings anymore after the sale of this property.

 

Another family broken up.............

 

i think there is no need to sever ties.

 

There is an economic reason for the siblings to do so.

Keeping the house would be great, if they were all as rich as viceroy, radx, porker.

can even turn it into a museum.

 

but here, selling the house could bring more good to the families involved. so perhaps your friend should look at it from that angle. he hasnt done a bad thing and neither has his siblings. difference in opinions only.

 

dont lose the house and then still lose the relationship... do advise him.

 

 

 

 

 

 

[Jrage]

aiya... you see TS's friend.. will never agree to split the rent equally one lah.. sure have problem mthly..

and probably erupt to a bigger family problem.

 

For this, i agree with the lawyer.. sell an split the $$. Who knows if TS's friend later get gf, get marries.. and with children.. it will just get harder and harder to split the house.

Aniway.. with a few million, TS could get a new landed easily and still does not need to worry abt rent. And could be better for him since, it will be cheaper to upkeep.

 

TS's friend also quite heartless ... just because of $$, dun want to see relatives again. He already dun have much "family" to begin with.

[Sp4wn]

yes. most owners of old/big pptys do that. furthermore, 1 unit the guy can take back to live in. so he gets a better quality of life, and still stay on the original plot of land belonging to his parents (form different, substance is the same)

 

those are single owners though, so its easier to make the decision (vs having so many "owners" right now to make 1 decision).

 

secondly, financially, i doubt any bank will give him the money to redevelop as he doesnt have the financial power or the experience. the last case i heard was the land owner simply selling half the land to developer and letting them do their own thing ...

 

also, lastly, since we dont know the property location, the GFA has to be known before everyone can tell this guy to huat big time ... if his land is restricted use, or lower than normal GFA, unlikely he can build a condo ...

 

(however, i hope the family themselves did a GFA check before selling ... otherwise they may lose out big time if they didnt realize the govt has increased their GFA ...)

[Adrianli]

i think there is no need to sever ties.

 

There is an economic reason for the siblings to do so.

Keeping the house would be great, if they were all as rich as viceroy, radx, porker.

can even turn it into a museum.

 

but here, selling the house could bring more good to the families involved. so perhaps your friend should look at it from that angle. he hasnt done a bad thing and neither has his siblings. difference in opinions only.

 

dont lose the house and then still lose the relationship... do advise him.

 

Good advise but for now I dont think he will think of the relationship. Ayway I'll let him sort it out with his siblings and see the next step.

[Pyramid_sg]

Adrian, is it the old Mitre Hotel? It came out in the news some time back.

[Adrianli]

Adrian, is it the old Mitre Hotel? It came out in the news some time back.

 

No lah. Its an old-styled bungalow on outskirts of CBD. Ard district 10 or 11??? Not very sure. Sorry cant reveal much otherwise later my fren come to know of me sharing his family matters here come after me.

[Throttle2]

Good advise but for now I dont think he will think of the relationship. Ayway I'll let him sort it out with his siblings and see the next step.

 

 

*shake head* what is a house when there is no relationship between blood.....

 

this is then , the real curse to his parents....

 

hai.....

[Adrianli]

After seeing that thread on the tussle, reminds me of my own thread here.

 

Update.

 

My fren and his siblings are in a legal tussle of how much share each should get. So he still staying in the house. Think he wana let it drag on and on and on.

[Coltplussport]

After seeing that thread on the tussle, reminds me of my own thread here.

 

Update.

 

My fren and his siblings are in a legal tussle of how much share each should get. So he still staying in the house. Think he wana let it drag on and on and on.

Ad, your this friend must be very very old now. Imagine his sibling died during jap occupation. Some time it is not the siblings that want to sell, but it is the children of the siblings.

[Adrianli]

Ad, your this friend must be very very old now. Imagine his sibling died during jap occupation. Some time it is not the siblings that want to sell, but it is the children of the siblings.

 

Early 60's.