Commercial Property And Tennants Not In Common

[Cranley]

I am a renter of a commercial property and the owner just died. His son and daughter were added to a quitclaim deed in 2005 and Joint tennants with full rights of survivorship but not as tennants in common. First - what does this mean. And what will be their tax consequenses upon sale? if that ever happens...the deed exept from tax under michigan property transfer act.Can they partition the property? Even if one does not want to? The daughter has increase my rent by 500% and its not feasable for me to pay. The son is willing to help me but knows nothing about Mich. law. What are our options. Also to purchase this or buy out the sister. do i need a certified commercial appraisal? Any help would be appreciated.

[brenn15]

ANY INPUT PLEASE>...

[starling]

The brother is my father in law....so i guess iwouldnt mind.

[Adoerte]

Do i have any legal rights as tennant without a writtne lease agreement. ie: 30 day written notice of increase, and 30 day eviction? I need help

[Iov]

"Do i have any legal rights as tennant without a writtne lease agreement. ie: 30 day written notice of increase, and 30 day eviction?"Are you saying you don't have a written lease agreement?Consumers are protected by resdential landlord tenant statutes but business owners are deemed by legislators to be astute enough to properly handle commercial leases so there typically is no statutory protection.I'm guessing that a court of law could rule that certain practices might be unconscionable, i.e: marching you out of the building at gunpoint with no notice, but the practice would have to be very extreme.A court might also apply a standard of reasonableness to notice of increases. But that's no guarantee that it would be 30 days or any amount of days.As for eviction, it would take as long as it would take for the owners to file for eviction, get it processed by the court, and get you thrown out. Could be less than 30 days, could be more than 30 days. The trouble with standing your ground and making them file for eviction is that an eviction is a judgment and a judgment ends up on your credit report."The brother is my father in law....so i guess iwouldnt mind."You'd better mind. Never do business with family.If the reason you don't have a written lease is because you were dealing with family, now you know why that was a bad idea.

[pannoowau]

"I'm a tenant of the professional home and also the operator simply died. Their boy and child were put into a quitclaim deed in 2005 and Combined tennants with complete privileges of survivorship although not as tennants in keeping. First - exactly what does this mean."this means they possess the home plus they are today your landlords."And what'll be their duty consequenses upon purchase? if that actually occurs...the action exept from duty under mich property move act."They'd possibly spend money gains tax but that's nothing related to you."May they partition the home?"What would you suggest?They can easily set up partition walls and separate the developing into sections."even when one doesn't wish to?"even when whon't wish to?"The child has improve my book by 500%"when you have a lease, the brand new homeowners need to follow the conditions of the lease. Which means they cannot enhance the book until they are doing it prior to the conditions of the rent. Should youn't possess a lease (i.e.: every month) you then are reasonable game."and its own not feasable for me personally to pay."that might be unnecessary when the boost was legal."The boy is prepared to assist me but understands nothing about Mich. law."Has nothing related to Michigan legislation, has anything related to the conditions of one's lease."What're our options."when you have a lease and hardly understand it, consider it to an attorney.If that you don't possess a rent, spend the boost or transfer out."and To buy this or buy-out the sibling. do I want a professional industrial evaluation?"Not if you should be pleased the home may be worth the cost. Nevertheless, if you should be borrowing cash to purchase it, the lending company may demand on an appraisal.By just how, why can you buy-out simply the sibling? Would you like to become companions using the sibling?