Money under table - 3 party ownership

[askme]

I have a co-worker who is talking about buying a home that is for sale by owner. There are supposedly three owners of the house, but, the one he is dealing with is the only one who lives near by the property, so that's who he's talking with. The other two people apparently live out of state. The guy he's talking to offered to sell the house to him at a good deal if he would pay him a few extra thousand dollars directly in addition to the sales price of the house. He doesn't think its a big deal, but, I told him it sounded fishy and probably illegal (if not at least flat out wrong).

What are the laws on this?

 

[Proserpina]

How does the seller propose to involve the other two owners?

 

[askme]

I think the one owner just wants to draw up a contract for a certain amount and sell the house for that amount (to be split 3-ways with the other two owners). Since this one owner is the one having to mostly deal with the upkeep and sale of the property, however, he feels he should get more than the other two out-of-state owners, so he wants an extra $5k for himself directly (essentially under the table), but, he said the extra money could be for "remodeling services" that he could provide after the sale. Basically, the seller is saying he wants an extra $5k out of the deal (above the sales price), but, he doesn't want it to be a part of the actual sale (and doesn't sound like he wants the other two owners to know about or be part of).

 

[army judge]

I think the one owner just wants to draw up a contract for a certain amount and sell the house for that amount (to be split 3-ways with the other two owners). Since this one owner is the one having to mostly deal with the upkeep and sale of the property, however, he feels he should get more than the other two out-of-state owners, so he wants an extra $5k for himself directly (essentially under the table), but, he said the extra money could be for "remodeling services" that he could provide after the sale. Basically, the seller is saying he wants an extra $5k out of the deal (above the sales price), but, he doesn't want it to be a part of the actual sale (and doesn't sound like he wants the other two owners to know about or be part of).

If a person offers to cheat with you, he's also planning to cheat you.

I hope the guy doesn't BUY the house from YOU!!!!!

 

[askme]

Huh?? Sorry - you've assumed completely wrong here. This has nothing to do with me. Its my long time coworker/friend. And he's the one wanting to buy the house.

 

[army judge]

Huh?? Sorry - you've assumed completely wrong here. This has nothing to do with me. Its my long time coworker/friend. And he's the one wanting to buy the house.

Then the same advice applies, if someone will cheat his partners, he'll also cheat you.

Tell your pal to steer clear of this guy and buy another house.

It is a buyer's market.