Legal Question in Real Estate Law in California
Demanding 1/2 of Business Profits??
Two family members own a residential property left to them by another member.Home has been in family for 4 generations.One owner resides in home,does not pay rent but pays all taxes,insurance and improvements.Other owners lawyer sent a letter stating they wanted to buy out the other for a price that was below fair market vaule.It was stipulated that if offer was not accepted in 5 days they would change partition to demand 1/2 of owner in residence business profits.Vehicles are occasionally parked at residence for business operated outside of home.The buy out price was not accepted, so they changed partition to demand business profits.Is this legal,if so what is the legal staute or term for this request.The request does not make sense. Any info appreciated.
4 Answers from Attorneys
Re: Demanding 1/2 of Business Profits??
It does not sound right. Was there a business along with the residence. We take cases throughout California and would be happy to review your correspondene, documents, and law suit if it has been filed. Please contact us at 714 363 0220.
Re: Demanding 1/2 of Business Profits??
Co-owners have the right to seek partition of real property; I am assuming that the other non-resident owners filed a "complaint" for partition (a lawsuit), as a "change" of partition does not make sense. If you have been served with such a complaint you must file a legal response within thirty days of having been served. In some circmstances, it may be possible to claim profits from an on-going business conducted at premises of an owner not occupying the property. You really must go to an attorney, take the complaint, and spend some money getting specific advice; this is not something you can deal with over the intnernet.
Re: Demanding 1/2 of Business Profits??
Apparently you need an attorney to look at all documents, etc. Cannot respond reasonably without complete review.
Re: Demanding 1/2 of Business Profits??
The partition action should only concern the value and respective ownership interests in the property. It sounds like the other attorney is overstating his or her case. You should consult an attorney to defend your interests, especially if you get sued.