Q: Rental agreement to state capital improvements by renters are not claimed reimbursable by them when property is sold
Brother/Myself 50/50 a property with 3 houses. Brothers daughter rent 3rd. I May force sell/partition property. I want any and all Capital improvements done by daughter or brother not to be claimed by daughter or brother and taken from my 50% ownership of the property. Majority of value is in the land while houses are all trash. We are in California.
A:
In your situation, where you co-own a property with your brother and his daughter rents one of the houses, it's important to have a clear agreement regarding capital improvements. Since you are considering a forced sale or partition of the property, you'll want to ensure that any capital improvements made by your brother or his daughter are not claimed against your 50% ownership.
To protect your interests, it's advisable to draft a written agreement. This agreement should explicitly state that any capital improvements made by your brother or his daughter will not be reimbursed upon the sale or partition of the property. Make sure this agreement is signed by all parties involved to avoid any misunderstandings in the future.
Given that the majority of the property's value is in the land and the houses are not in the best condition, this agreement becomes even more crucial. It helps in delineating the financial responsibilities and expectations clearly, especially when considering the potential sale or partition of the property.
Remember, while drafting such an agreement, it's important to consult with a legal professional who can ensure that all the necessary terms are included and the agreement complies with California law. This step is vital to safeguard your rights and interests in the property.
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