Q: How can I get my half from the other co-owner who took over property management and stopped communicating?
A 50% co-owner has taken over all duties of several rented properties without consent from the other 50% co-owner. My older brother is now collecting all rental revenues including their management. We inherited the properties from our late father. Besides probate and deed's stating 50% co-ownership in each of the properties we have no 'agreement' about duties or responsibilities. After my father's death the rentals were placed under prop. management when my brother, without my knowledge or consent, canceled their services and began managing them on his own. When I messaged him about the management, revenue collection, and where the money was going, I received an onslaught of abusive messages without any answers to my questions. I need access to years of financials, revenue, and tax information. I need to know where the money from the multiple rental properties has gone and how I can get it back. Also, I need to ensure that I continue to receive my half, without problem, moving forward.
A:
You have equal rights to the property's income and management decisions. If your brother has taken over without agreement, this could be seen as an exclusion, which might entitle you to compensation for your share of the property's rental value during this period.
You can also file a partition action. This legal process allows for the division of co-owned property. If the property can't be physically divided, it might be sold, with the proceeds split according to ownership percentages. However, this could mean selling the properties, which might not be your preference if you wish to retain them.
Schedule a free consultation to make sure your interest in the properties is protected.
A:
To address this situation, start by requesting financial records and tax information from your brother in writing. Keep all communication professional and document any responses or lack thereof. This will create a paper trail that may be helpful later.
You can also remind your brother that, as a 50% co-owner, you have legal rights to access the rental income and financial details. If he continues to ignore or refuse your requests, you may need to pursue legal action to enforce your rights. Consider filing for a formal accounting, which would require him to disclose all relevant financials related to the properties.
To protect your future interests, it may be necessary to establish a clear agreement about the management and revenue-sharing of the properties. A mediator or legal action may help resolve the current conflict and ensure that you receive your fair share moving forward.
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