| dividing of Lots who should pay |
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robbieoz
New Member
Cash: $ 0.85
Posts: 4
Joined: 23 Sep 2010
Location: Shoalhaven Heads Australia
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| dividing of Lots who should pay |
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Hi
I hope someone can solve this for me.
Our Company has 4 parcels of land, all different sizes.
Lot 1 is worth Approx $150.00
Lot 2 is worth less
Lot 3 is worth less than other 2.
Lot 4 cost is undetermined but possibly worth more than other 3
In an agreement where we all agreed, I ended up with Lot 3, which is worth the least.
However it was agreed by all that when Lot 4 is sold, I would receive 55% of sale, Lot 2 owner would get 33% and Lot 1 owner the residue.
Now here is the problem.
There are ongoing costs with keeping Lot 4, rates, improvements etc etc.
The other owners say that I should pay 55% of all costs, with others paying their percentage.
But I disagree, but I just cant put my finger on why I disagree, its very hard to work out, but I feel I am being gyped.
Is there a formula...
Hope someone can help.
Rob Bell
jungle@shoal.net.au
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Thu Sep 23, 2010 10:42 pm |
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robbieoz
New Member
Cash: $ 0.85
Posts: 4
Joined: 23 Sep 2010
Location: Shoalhaven Heads Australia
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| dividing of Lots who should pay |
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I meant to write $150.000.00 ie One Hundred and Fifty Thousand Dollars
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Fri Sep 24, 2010 7:55 am |
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robbieoz
New Member
Cash: $ 0.85
Posts: 4
Joined: 23 Sep 2010
Location: Shoalhaven Heads Australia
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| dividing of Lots who should pay |
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Can't seem to find what the valuers valued the 4 Lots at, bummer.
But after we got the value, of each lot, because of the disparity, the solicitor worked out the %. for the return of any monies when Lot 5 is sold
Lot 8 11%
Lot 6 33.1%
Lot 7 55.9%
Lot 4 the Lot no one wanted, is the one to be sold, and the profits divided % as above.
As I am the owner of Lot (the least valued lot) then I get the greater share of the profit from the sale of Lot 4.
However why should I contribute paying levies at 55.9%, thats my quandary.
All the Lots are fully paid for and are part of a large parcel of land of which all parties bought evenly. We then divided off 4 lots...one for each of us and for general sale.
Hope this helps.
Rob
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Sat Sep 25, 2010 9:13 am |
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robbieoz
New Member
Cash: $ 0.85
Posts: 4
Joined: 23 Sep 2010
Location: Shoalhaven Heads Australia
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| who should pay |
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The person who got the lowest price Lot 6 is being penalised by paying 55.9% of Lot 5,(owned by all) because at the end of the day, when all Lots are sold, he is till only going to get the same valuation as agreed on, because if his Lot improves so do the others. Given the size etc,
But he has been paying 55.9 into Lot 5 all these years, and at the end of the day he has gone backwards, whilst the person who is only paying 11% is doing nicely.
Not only will he sell his Lot more, but also has paid the least to keep Lot5.
Lot 5 is only an entity, a block of wood a piece of steel, and there it sits, waiting to be sold. It is owned by everyone and therefore it should be looked after by everyone, equally. If it is sold for say $100 Grand then the it is given out as agreed.
The the lots are sold and I will still get the least amount, but hopefully my % from Lot 5 will bring me up to their level.
To keep it going, it has to be paid for equally.
Rob
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Mon Sep 27, 2010 5:08 am |
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