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Estate at will

Discussion in 'Commercial Transactions & Investments' started by Wdmar5, Apr 26, 2019.

  1. Wdmar5

    Wdmar5 Law Topic Starter New Member

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    Jurisdiction:
    Nevada
    My mother and her husband loaned her husbands daughter money to buy a business, in the paperwork she took ownership as tenancy at will which usually only deals with renting, what would be the reason she would take ownership that way?
     
  2. army judge

    army judge Super Moderator

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    You'd have to inquire of the parties involved in the transaction to understand their motives and intentions.

    On it's face, one might conclude that her decision as to ownership was arrived at erroneously.

    None of this is your business, as you recited above, the transaction was between a husband and wife, and the husband's daughter.

    What other people do with their money might attract the attention of federal and state tax authorities, but interlopers have no right to know why any of the three did anything.

    You are free to poke anyone of the three little bears, if you dare.
     
  3. Wdmar5

    Wdmar5 Law Topic Starter New Member

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    She asked me to look over the paperwork, so I thought I would seek help here.
     
  4. adjusterjack

    adjusterjack Super Moderator

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    It's a little late for that if it's a done deal.
     
  5. army judge

    army judge Super Moderator

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    There seem to be TWO females.

    Did the wife or the daughter ask your help?

    What are you trying to learn?
     
  6. Wdmar5

    Wdmar5 Law Topic Starter New Member

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    My mother asked, what I’m trying to figure out is why someone would take ownership as tenancy at will? I am a realtor so I know what the definition is, just wondering if my mother’s husband and his daughter are up to something!
     
  7. army judge

    army judge Super Moderator

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    As a stranger on the outside merely looking in, none of us know enough to definitively answer that question.

    However, when your spidy senses begin to tingle, and your muscles begin to twitch, as Dickey Lee sang in 1965 "Strange Things Happen in This World".




    Okay, I'll get serious.

    Let's look at what Nevada law says.

    Nevada law requires a five day notice to quit/vacate be given to the tenant, informing the tenant that the tenancy-at-will is ending, further instructing the tenant to leave, followed by a second five day notice that tells the tenant to leave because tenant's presence has now become unlawful.

    I suspect the male would see that as an easy way to take possession of the premises, should the female debtor default on any payment.

    I don't see how the wife of the male would see that as a bad thing, because such a clause endeavors to protect the rights of the landlord.

    What I do find strange is it would probably do little to ensure the debtor repays the debt.

    As you have described the transaction it simply involves a loan.

    All the lenders will be out is the amount of the loan.

    I don't see any other liability for the creditor, other than the money loaned to the borrower.

    Frankly, anytime I've loaned money, I considered it a gift.

    If I was repaid, all was well.

    If I wasn't repaid, I prepared to assume the loss.

    As I tell people, loans are made by banks and financial institutions.

    I am not in the business of making loans.

    Back to your concern, i see nothing unusual here, other than the potential to be out a few dollars, UNLESS the lenders are in some way involved in the business.
     
  8. Wdmar5

    Wdmar5 Law Topic Starter New Member

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    Thanks, it’s not a few dollars, it’s half a million so you can see my concern.
     
  9. army judge

    army judge Super Moderator

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    To me it IS a few dollars, to you it isn't.

    Bottom line, the time to have shown concern was before forking over any money, not after the money has changed hands.

    I suggest you advise the female landlord to discuss this matter with an attorney, perhaps a divorce attorney.
     

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