My question involves real estate located in the State of: CALIFORNIA
We have 30% ownership as Tenants in Common with 2 other parties whom have 60% and 10% ownership. The property is a Single Family Residence in California and is not occupied by any of the TIC's.
The 60% owner has been leasing and maintaining the property to others via a management company for the past several years and has not provided distributions or accounting. There is an ongoing rift and conversing with them is futile. However, they are maintaining payment of the mortgage and taxes (including times of vacancy between tenants) and we are aware that they have maintained the property as expected and have completed numerous larger repairs which the property probably needed (including a kitchen remodel, major plumbing, carpet, paint, general repairs/upkeep, etc.). We are also aware there are some pending repairs required such as roof replacement which will likely cost $7500+/-.
We assume there is money leftover from the lease proceeds but are not sure just how much or what they can reasonably charge to administer the property. We are not necessarily questioning the repairs and completely understand that there needs to be some money set-aside for items like the roof and other ongoing repairs which may arise from time to time, but considering the rift and absence of accounting it's time to move on and it seems that our only option is partition.
There is sufficient equity in the property to cover any costs and to compensate us our 30% share once the property sells, but I'm not sure how to establish our potential net proceeds and would like to estimate the reasonable costs in their ongoing administration of the property.
So, in looking ahead to what the realistic costs and recovery may be, my questions are as follows:
1) How much can they reasonably assess on a monthly basis for property management to lease the property?
2) How much can they assess for ongoing maintenance of routine repairs (we understand this particular management company charges a flat rate monthly maintenance fee to cover most incidentals, with the exception of "major repairs")?
Thanks in advance - I'm sure we'll have more questions and will add them as they come up.
We have 30% ownership as Tenants in Common with 2 other parties whom have 60% and 10% ownership. The property is a Single Family Residence in California and is not occupied by any of the TIC's.
The 60% owner has been leasing and maintaining the property to others via a management company for the past several years and has not provided distributions or accounting. There is an ongoing rift and conversing with them is futile. However, they are maintaining payment of the mortgage and taxes (including times of vacancy between tenants) and we are aware that they have maintained the property as expected and have completed numerous larger repairs which the property probably needed (including a kitchen remodel, major plumbing, carpet, paint, general repairs/upkeep, etc.). We are also aware there are some pending repairs required such as roof replacement which will likely cost $7500+/-.
We assume there is money leftover from the lease proceeds but are not sure just how much or what they can reasonably charge to administer the property. We are not necessarily questioning the repairs and completely understand that there needs to be some money set-aside for items like the roof and other ongoing repairs which may arise from time to time, but considering the rift and absence of accounting it's time to move on and it seems that our only option is partition.
There is sufficient equity in the property to cover any costs and to compensate us our 30% share once the property sells, but I'm not sure how to establish our potential net proceeds and would like to estimate the reasonable costs in their ongoing administration of the property.
So, in looking ahead to what the realistic costs and recovery may be, my questions are as follows:
1) How much can they reasonably assess on a monthly basis for property management to lease the property?
2) How much can they assess for ongoing maintenance of routine repairs (we understand this particular management company charges a flat rate monthly maintenance fee to cover most incidentals, with the exception of "major repairs")?
Thanks in advance - I'm sure we'll have more questions and will add them as they come up.
Co-Ownership: Partition Action Against Tenants in Common
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