Real Estate Kingdom

Sometimes it can be difficult working in the real estate business because you find yourself profiting off the misfortunes of others. It is not uncommon to find yourself in the middle of a real estate venture where there is a divorce involved. The reasons are of no concern. The fact remains: either you can take over the property or someone else can.

It is also not uncommon to find yourself in a business situation where one spouse sells you their half of the property but the other spouse, for whatever reason, does not wish to do the same. Perhaps that spouse even begins to make repairs on the property and catch up any back payments. If he/she is doing this, just let them continue to do so. After all, they're paying for your home. And sooner or later, they have to come back and deal with you.

If there is a decent amount of equity in the home, this can be very good. However, this may also cause some difficulties with the bank, especially if they know that the other person is having problems with getting the needed financing. If he or she is several months behind in payments, they may see it as easier to repossess the property and get the equity out of it.

Under these circumstances, you have three options. You can either make some type of deal with him. You can buy him out or he buys you out. Or you can force him out by a lawsuit. Those are the only three options... the best, of course, is to make some type of deal with him. Again, he will have to come back to you at some point.

Another very important thing to do is to make sure your interests get recorded. It wouldn't hurt for your attorney to serve him notice to this effect. By doing so, nobody can come along and say that you weren't trying to protect your interest and so forth. It is also recommended that you have some kind of a trail or a track record which proves you made him aware you own half the house.

Keep in mind that it is not enough that you have conversation with him and that he knows you own half the house. You want to make sure that you have letters proving what he knows. These should be sent certified mail to him. You should keep copies of the letters, and proof showing they were received by him.

Above all, be sure you should get some legal advice on what all your options are.