Living trust states 3 unit property is to be divided 50/50 between brother and sister. The 3 properties consist of a 1-bedroom, 2-bedroom, and 3-bedroom home on a single lot. The Brother has lived in the larger 3- bedroom free for many years and does not want to sell or pay rent, water, taxes, or insurance. The Sister wants to move her daughters into the 1-bedroom and 2-bedroom and will to pay property cost as long as it is split 50/50. What is the fair legal way of splitting the property and/or cost 50/50? Rental value of the 1-bedroom is $1500, 2-bedroom is $2000, 3-bedroom is $3500 (if empty) Property total cost about $800 per month
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See valuation of all three flats can be done by a valuer and accordingly 3 properties can be amicable devided one party cam can compensate In Monterey terms if he is.gettimg extra In this way you won't have to sale the property.
So a partition deed can be made and same can be devided.
If same is not agreeable then property can be jointly sold and consoderation can be devided.
Its better if you execute a registered partition deed between the parties. This will be affordable and speedy way without litigation to divide the same.
The one bedroom and 2 bedroom flat should be given to sister
the 3 bedroom flat should be given to brother
Since there is a direction in the trust for equal division of the property, then it i to be done amicably taking into account total area in consideration.
Best option is to take two smaller flats into one lot and bigger into another and any shortfall to be compensated by money.
Since the flats are uneven in number for fair distribution you need to take aid of money as well to compensate the person having lesser area.
1. Since it is a Family affair and keeping intact the social bondings, it would be logically & legally prudent to share everything in EQUAL proportions, in the manner described. The same can be reduced to writing via a MOU and registered according to local laws.
2. In the contrary to the above, the Sister would apply to the local relevant authorities (estate, civic body, revenue ) for segregation of the property for taxation purposes.
Dear Querist
physical partition of the property is not possible in your situation, so it will be better to divide the share in the form of value of property as per your information the total value of properties are $7000, hence each will get $3500
physical partition via court is also not possible
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both brother and sister seek exclusive use of the property of their choice
if that is so, then since brother has laid claim on 3bedroom, then he is ought to pay its outgoings
similarly the sister cannot demand that the outgoings of 1 and 2 bedrooms be split into 50-50 between the two parties
as long as the beneficiaries mutually decide how they will deal with the properties, which is subject matter of trust, i do not see any issue if the agreement between the two is in deviation of the directions contained in the living trust
Partition deed will execute.
Settle dispute amicably execute registered partition deed.
1. It should be divided area wise i.e., both the heirs should receive equal area from the property. if however, one party is keeping more area then the other party can be reimbursed by the said party for getting more area.
this has to be mmutual
Regards
1. Both the parties should get property worth equyal value each.
2. Both of them can negotiate and amicably settle for partition of the three units and if that is not possible them all the properties can be sold and thye sale proceeds can be equally divided between them.
3. If no amicable settlement for the partition can not be arrived at, then a partition suit can be filed by any one of them and in that event the Court will appoint a Commissioner who will devide the entire property cpmprisng of three houses in the best possible way and the said partition will be binding on both the parties.
Your sister is suggesting is a a correct way to do the partition amicably as both are getting the properties of approximately same value fetching same rental income.
The property maintenance and taxes amount can be split between you in equal proportion.
When there is no compromise or an amicable settlement or arrangement between the brother and the sister on sharing the property equally or as per the demands made by either side, then it is advisable to approach court with a suit for partition to divide the properties into two equal shares with metes and bounds and good and bad soil.
The court will pass an order or judgment as per law in this regard if the parties to the litigation do not reconcile among themselves or do not compromise even at the instance of court's mediation process.
Dear sir
The fair and legal way to get property splitting is to file a partition suit in the court having jurisdiction of your area. the court will issue a commission inquiry which submits it's report before the court and then court passes decree of partition.
