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> Buying &Transfer process,house fr deceased father)

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TSpenang23
post May 21 2022, 02:04 PM, updated 5w ago

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My father (deceased) left a house with a join name of my mother & my brother and me

This is an old house which loan already settle 10 years ago. My brother and my mum need some cash urgently.

- My brother agreed to sell his 1/3 to me amount to 150k &
- My mother agreed to sell her 1/3 to me amount to 150k

Questions:
1) I don't wish to borrow loan but to pay off 300k cash to them. How should I proceed?
2) Do i need to engage with any lawyer to state clearly the pay off of this 300k amount ?
3) What are the fees need to take into consideration with this scenario?

Thanks !


Mikeshashimi
post May 21 2022, 02:08 PM

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QUOTE(penang23 @ May 21 2022, 02:04 PM)
My father (deceased) left a house with a join name of my mother & my brother and me

This is an old house which loan already settle 10 years ago. My brother and my mum need some cash urgently.

- My brother agreed to sell his 1/3  to me amount to 150k &
- My mother agreed to sell her 1/3  to me amount to 150k

Questions:
1) I don't wish to borrow loan but to pay off 300k cash to them. How should I proceed?
2) Do i need to engage with any lawyer to state clearly the pay off of this 300k amount ?
3) What are the fees need to take into consideration with this scenario?

Thanks !
*
Yes you need a lawyer. You can't do the transfer without a lawyer.

So, everything else your lawyer will answer.

Keep it simple.
WaCKy-Angel
post May 21 2022, 02:16 PM

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QUOTE(penang23 @ May 21 2022, 02:04 PM)
My father (deceased) left a house with a join name of my mother & my brother and me

This is an old house which loan already settle 10 years ago. My brother and my mum need some cash urgently.

- My brother agreed to sell his 1/3  to me amount to 150k &
- My mother agreed to sell her 1/3  to me amount to 150k

Questions:
1) I don't wish to borrow loan but to pay off 300k cash to them. How should I proceed?
2) Do i need to engage with any lawyer to state clearly the pay off of this 300k amount ?
3) What are the fees need to take into consideration with this scenario?

Thanks !
*
1. dont borrow u mah nego with your bro & mom pay monthly installment lor
2. Yes
3. normal sell/buy property fees, with some discount coz u only need to pay tax to buy your bro's 1/3 portion.
Michaelbyz23
post May 21 2022, 11:07 PM

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Yes, you need to engage a lawyer.
mini orchard
post May 22 2022, 06:33 AM

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If family members are talking or nego about money matters, it is adviseable to engage a third party as a witness to complete the transactions .... aka lawyer.

Each member shall bear their portion of the total fees.

This post has been edited by mini orchard: May 22 2022, 06:33 AM
TSpenang23
post May 23 2022, 01:08 PM

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thanks for all the good advice
TSpenang23
post May 30 2022, 09:53 PM

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QUOTE(WaCKy-Angel @ May 21 2022, 02:16 PM)
1. dont borrow u mah nego with your bro & mom pay monthly installment lor
2. Yes
3. normal sell/buy property fees, with some discount coz u only need to pay tax to buy your bro's 1/3 portion.
*
QUOTE(Michaelbyz23 @ May 21 2022, 11:07 PM)
Yes, you need to engage a lawyer.
*
QUOTE(mini orchard @ May 22 2022, 06:33 AM)
If family members are talking or nego about money matters, it is adviseable to engage a third party as a witness to complete the transactions .... aka lawyer.

Each member shall bear their portion of the total fees.
*
Latest update and add on my true story here, if you guys have other thoughts can share we me, help needed to settle family issue.

True Story: Father Deceased. Cash divided equally between A (Mum), B(Brother), and C (Me).

But after 10 years, A and B spend all the money and want to sell out the final property from deceased father to cash out ASAP.

Current Property Ownership: (market value ~400K)
A (Mum)= 50%
B (Brother)= 25%
C (Me) = 25 %

Note: A love to gamble, B is jobless : (.

Question: I wish to buy the portion from my Mum (200K) and my brother (100K) is it possible to pay off by cash using installment method like below?

1) Mum - 200K
To pay her 100K immediately, remanding 100K will be pay off by installment method ( RM 833 x 12 mths x 10 years). I believe she will spend all the money after 5 years, just to ensure she still have money after 10 years down the road.

2) My brother – pay 100K to buy this portion.

I ask them to sell the property buy they don’t want,
B wanted to refinance but no bank want to offer him any loan.
They want to get the money out from this property.

Wish to settle this issue.





mini orchard
post May 30 2022, 10:01 PM

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QUOTE(penang23 @ May 30 2022, 09:53 PM)
Latest update and add on my true story here, if you guys have other thoughts can share we me, help needed to settle family issue.

True Story: Father Deceased. Cash divided equally between A (Mum), B(Brother), and C (Me).

But after 10 years, A and B spend all the money and want to sell out the final property from deceased father to cash out ASAP.

Current Property Ownership: (market value ~400K)
A (Mum)= 50%
B (Brother)= 25%
C (Me) = 25 %

Note: A love to gamble, B is jobless : (.

Question: I wish to buy the portion from my Mum (200K) and my brother (100K) is it possible to pay off by cash using installment method like below?

1) Mum - 200K
To pay her 100K immediately, remanding 100K will be pay off by installment method ( RM 833 x 12 mths x 10 years).  I believe she will spend all the money after 5 years, just to ensure she still have money after 10 years down the road.

2) My brother – pay 100K to buy this portion.

I ask them to sell the property buy they don’t want,
B wanted to refinance but no bank want to offer him any loan.
They want to get the money out from this property.

Wish to settle this issue.
*
Sell the property in the open market. Each take their portion and do whatever. There will be no quarrel after that.

You use your portion to buy another property.




TSpenang23
post May 30 2022, 10:08 PM

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QUOTE(mini orchard @ May 30 2022, 10:01 PM)
Sell the property in the open market. Each take their portion and do whatever. There will be no quarrel after that.

You use your portion to buy another property.
*
Ya, this is what i want, but they dont want to do so.
I know they afraid after sell this final property, they have no place to stay and need to rent a house.

I wish to teach them a lesson after my father pass away.

But she is still my mother. Can't imagine a small property also can be so dramatic like TVB...
mini orchard
post May 30 2022, 10:16 PM

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QUOTE(penang23 @ May 30 2022, 10:08 PM)
Ya, this is what i want, but they dont want to do so.
I know they afraid after sell this  final property, they have no place to stay and need to rent a house.

I wish to teach them a lesson after my father pass away.

But she is still my mother. Can't imagine a small property also can be so dramatic like TVB...
*
Sadly, your mum and bro are holding you at ransom over the house. Both want the best of both .... money and free lodging.

Later when all their money gone, they will pressure you to sell the property to pay their debts.
TSpenang23
post May 30 2022, 10:30 PM

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QUOTE(mini orchard @ May 30 2022, 10:16 PM)
Sadly, your mum and bro are holding you at ransom over the house. Both want the best of both .... money and free lodging.

Later when all their money gone, they will pressure you to sell the property to pay their debts.
*
They are pressuring me now to refinance this property with them. I know at the end I will be the one who serve the loan......

Ya, I think u r right. I think I will insist to sell off this property at the market price. Settle clearly the final property from my father.

As the same time, I am planning to get a new property.
One room will reserve for my mum and 2 rooms rent out to other people. Cause I no eyes see my brother liao.
He is already 40+ years old still dont want to get a proper job

Hopefully my mum will spend the money wisely this time.

As a son, they best I can do for my mum is to provide a house to her to stay.
After sold off the house now, 200K should be enough for her.

mini orchard
post May 30 2022, 10:45 PM

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QUOTE(penang23 @ May 30 2022, 10:30 PM)
They are pressuring me now to refinance this property with them. I know at the end I will be the one who serve the loan......

Ya, I think u r right. I think I will insist to sell off this property at the market price. Settle clearly the final property from my father. 

As the same time, I am planning to get a new property.
One room will reserve for my mum and 2 rooms rent out to other people. Cause I no eyes see my brother liao.
He is already 40+ years old still dont want to get a proper job

Hopefully my mum will spend the money wisely this time.

As a son, they best I can do for my mum is to  provide a house to her to stay.
After sold off the house now, 200K should be enough for her.
*
Right decision.

When the property is sold in the open market, the subject matter is consider closed.

When you buy your own property, they cant tell you what to do with your property.

 

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