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TSRicky300
post Jun 27 2015, 08:20 AM, updated 10y ago

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edited

This post has been edited by Ricky300: Jun 12 2016, 01:25 PM
cedyy
post Jun 27 2015, 08:29 AM

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hire a lawyer if cannot resolve within own family members

This post has been edited by cedyy: Jun 27 2015, 08:31 AM
Kevin Chan
post Jun 27 2015, 09:14 AM

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2nd wife means no legal entitlement already.

unless there is a written will specifically named him as part of the beneficiary.
TSRicky300
post Jun 27 2015, 09:50 AM

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QUOTE(Kevin Chan @ Jun 27 2015, 09:14 AM)
2nd wife means no legal entitlement already.

unless there is a written will specifically named him as part of the beneficiary.
*
As mentioned, there is a written will stating my friend as one of the beneficiary! sweat.gif sweat.gif
nookie188
post Jun 27 2015, 10:17 AM

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QUOTE(Ricky300 @ Jun 27 2015, 09:50 AM)
As mentioned, there is a written will stating my friend as one of the beneficiary! sweat.gif  sweat.gif
*
you need to get a lawyer to handle this for you..
also claim back whatever rental that was not paid PLUS interest..

if he is named as beneficiary, surely he is entitled to his portion of the rental..he is after all the OWNER too ma..


cherroy
post Jun 27 2015, 10:19 AM

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There is the problem of a property with joint name.

Since the other 2/3 owner refuse to apportion the rental income, the only solution is through legal process to claim back.
But the cost of legal process may outweight the 1/3 rental income.

A better solution is to propose the other 2/3 owner to buy over the 1/3 share.

As the property technically cannot be sold or rent (sign new tenant agreement), without all party agree.
So propose to the other 2/3 portion owner, stated there may be future problematic/deadlock situation, if not buying over the 1/3 share, as if 1/3 share owner doesn't want to sign, nothing can be done on the property, which virtually all party get nothing from the property.


TSRicky300
post Jun 27 2015, 10:25 AM

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QUOTE(cherroy @ Jun 27 2015, 10:19 AM)
There is the problem of a property with joint name.

Since the other 2/3 owner refuse to apportion the rental income, the only solution is through legal process to claim back.
But the cost of legal process may outweight the 1/3 rental income.

A better solution is to propose the other 2/3 owner to buy over the 1/3 share.

As the property technically cannot be sold or rent (sign new tenant agreement), without all party agree.
So propose to the other 2/3 portion owner, stated there may be future problematic/deadlock situation, if not buying over the 1/3 share, as if 1/3 share owner doesn't want to sign, nothing can be done on the property, which virtually all party get nothing from the property.
*
That's what I told my friend too.

However he was being told that, the WILL didn't state that rental has to be apportioned.......He seek advises (ain't sure if he/she is a lawyer), the advisor told him that he can't do much in this case.
cherroy
post Jun 27 2015, 10:39 AM

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QUOTE(Ricky300 @ Jun 27 2015, 10:25 AM)
That's what I told my friend too.

However he was being told that, the WILL didn't state that rental has to be apportioned.......He seek advises (ain't sure if he/she is a lawyer), the advisor told him that he can't do much in this case.
*
By right, rental should go to the rental owner accordingly, it doesn't matter the Will stated whether the rental has be to apportioned or not, because rental of property goes to property owner.

But I can see where the advisor come from to give such advise, as
1. legal cost may outweight the income.
2. Making a damage on the relation with the other 2/3 owner, which won't help to solve the situation.
Alvinyeo
post Jun 30 2015, 10:50 PM

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If your friend really is 1/3 owner of the property, the best advice is to ask your friend dispose the property. Either sell to the other owner and cash out.

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