Need advise on family sensitive issue

Society Business and Career
1

Hello Friends,

I am into a sensitive situation and quite confuse to tackle this.

I share one residential plot with my brother in a well-known housing society. I started constructing the house one and half years ago by myself and recently finished the construction. Since my brother was not working that time so i didn’t ask him to contribute. Its about one year now he is doing job and quite stable now. I want him to share the burden of construction. I thought of three options as below:

  1. Since i know he can’t pay half of the construction expenditures, i can give him option like he can pay half in next three years
  2. Ask him to sign an agreement that he is only owner of half of the land and so if we sale the house in future, he will only get the value of half of the land as per market rate at that time and will not claim the half share of whole constructed house.
  3. i pay him the value of land for his half and own the full house.

Input of you guys will be highly appreciated as i want to solve this in such a way that it wouldn’t harm our relation. It will be great if you can give some better advise.

Regards

2

Re: Need advise on family sensitive issue

The best option would be to buy his share out and then he can go and buy his own plot elsewhere. He can stay with you until he has enough money to start construction. It will also give him a goal to save enough to build his own house. The matter will be settled once and for all and you will have a clean break.

Problem with option 1 is that even if he can pay you back in 3 years, for every rupee that you spent on the house he will only be repaying perhaps 70 to 80% due to inflation.

Second option is ok but later it can causes issues especially if he married by then and has a domineering wife.

3

Re: Need advise on family sensitive issue

thanks arshad bro. your input is vital.

anybody else like to add or give better options.

Regards

4

Re: Need advise on family sensitive issue

Usually, the practice is to buy the other person's share.......... but a lot of it depends on the relationship between you and your brother...

The best thing would be to talk it out (provided you are on good terms)

5

Re: Need advise on family sensitive issue

Go for option 3, time can change many things and then 1 and 2 wont work or he can ask for loan from someone/place and use it to deal with the house and later pay back the loan slowly, it will be his personal matter then and wont affect your relationship

6

Re: Need advise on family sensitive issue

Option three is the best especially if he is married or will marry soon.

7

Re: Need advise on family sensitive issue

You both own half the land and half the property. You should of discussed this with him before you started construction. If you sell the property you are both entitled to an equal share. You cannot say (legally) you paid for the construction so you own the house and your brother owns only half the land value.

You can try and convince your brother of this and see what his reaction is.