Legal Question in Wills and Trusts in Florida
putting money into escrow
My brother and I jointly own a condo which we inherited from our parents. He's refusing to sell the condo unless I pay him a certain sum of money, which I feel is unjustified. He might agree to sell it, though, if the disputed amount is put into escrow, I presume with the intention of later taking it to court. From my point of view, would selling the condo and putting the money into escrow be a wise thing to do? Is it a simple process?
3 Answers from Attorneys
Re: putting money into escrow
Without knowing the basis for his claim, you can bring an action for partition, but if his claim is raised, the money will go into escrow anyway, pending some determination of its legitimacy. I suggest agreeing to place the money is escrow, so the property can be sold, with the escrow providing that it can only be released upon joint agreement of you and him. At least the property can be sold now, and you can argue later. Perhaps the dispute can be mediated, as litigation will cost both sides fees and costs, and one never knows how a Court will decide.
Re: putting money into escrow
Without knowing the basis for his claim, you can bring an action for partition, but if his claim is raised, the money will go into escrow anyway, pending some determination of its legitimacy. I suggest agreeing to place the money is escrow, so the property can be sold, with the escrow providing that it can only be released upon joint agreement of you and him. At least the property can be sold now, and you can argue later. Perhaps the dispute can be mediated, as litigation will cost both sides fees and costs, and one never knows how a Court will decide.
Re: putting money into escrow
yes. or you can start a partition action to compel a sale.
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