Hi, Need some advice.

15year ago i and my bro sharing 50/50 buying a double storey house @ Rm116k but with putting my bro name only for the house agreement and loan appliacable (because i have another housing worry tax issue), that time we are still single.

Now, both of us already married and having own family, market price now @ Rm200k and outstanding loan for Rm50k, below is my question:
1) If anything go wrong with my bro (Touch wood example die.....or sometime), is it the property automatically belong under his wife/kids?
2) If we make a agreement in lawyer office, could this agreement legal to prove 50% is belong to me?
3) How can make I am legal 50% for this house? except revise the sales n purchase n re-financial again.
4) Can i offer selling Rm50k (my share) to my bro and he continue pay the outstanding loan? [which mean Rm200k market price - Rm50k outstanding = Rm150k value / 50% each share = Rm75k present value but i sell at Rm50k]

Any idea/comment?

Thanks.

As far as I understand your story.
1. Yes. It will belong to his wife/kids unless he wrote a will stating the house will be given to u.

2. No you cannot. If you want to take the share, go to the lawyer firm and transfer the 50% house share to you. Meaning putting your name in the relevant housing agreement.

3. See answer no.2.

4. Yes you can provided that you have the official agreement that you both share to buy the house in the 1st place. Otherwise, you and your bro have to settle outside, as he has the 100% rights of the house.

You should have sign the S&P with him by sharing 50/50 in the housing loan. We never know what will happen one day. We have seen cases brother and sister fighting over properties (Not saying that you and your brother will). Irony isn't it? As long as you are involved in anything that needs agreement, please do it with Black & White. Not verbal agreement or conversation.

was late to answer..so comment removed

This post has been edited by elru: Dec 11 2009, 01:35 PM

1) If he make a Will state 50% is belong to me, is it safe enough?
2) Can his wife fight later the Will not legal?

Thanks.

1) can do, as long as the will is made in legal matter.

2) Yes, she can *with reason, we have lot of such case out there. So legality issue of the will is very important.

But personally advise this is not a good move, as will can be changed by him without your notice as well, to avoid any problem and troublesome in the future, I would suggest either one take up the house. (trust is one thing, but this is to prevent any unforseen circumstance arise)

Joint name in properties create lot of problem if

1. either person passed away without will, or will is challenged lead to asset freezing
2. The other person suddenly 'face off' and disagree to sign.

In joint name properties, if either one refuse to sign, the properties cannot be sold or transferred at all.

OK, thanks a lot.

yes safest thing to do is to add ur name in the title...but the house is still under lan tenure i dun think it can be done but not so sure...u can check with a lawyer...

another matter u shud be worried about, IF ur bro divorce his current wife, his wife automatically owns 50% of the property..if ur name is in ther then she's only entitled to half of 50% share ur bro owned...

will is not the safest thing...there's a house same row as my dad..ori owner died..will was writen to his brothers, but wife & the kids contested...10yrs ++ stil unresolved..

But to have will is better than not having one...if u dun hv will anyone related to u can claim for shares...especially i u hv siblings from hell

yes.. this is the bigggest headache. automatically.. everything your brother own will be valued and divide between him and wife.

wife even can ask for 'wedding gift' anything from the marriage including the house. (yes.. In Islam we call this mutaah), and normally this judge are very sympathetic to the women.. everything also gives to the women..

~~~

If I were you.. I would discuss this with your brother.. and recommend to sell the house.. ! doesn't mind lose few thousand ringgit. If dragged till later.. it will cause another family feud..

Me, myself bought a house recently from sub sale.., a quarelling brothers and sister (3 brothers / sisters) shared to buy a house.. but after quarrel.. decide to sell the house at lost..! each of them had to bear 10k losses (selling 30k undermarket value) and also to cover up bank loan.

hmm.. so buy laah more house between brothers.. later for fight sell laa even at lost..

This post has been edited by morpheuzneo: Dec 16 2009, 06:00 PM

my opinion is:
sell or refinance at current market price if your brother still want the house.
then, the profit from cap appreciation, you can divide by two of you.

better solve it now.. than to let it drag further..!