Dec 11 2009, 01:33 PM
QUOTE(teolincy @ Dec 11 2009, 12:51 PM)
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.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.
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.
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