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Property under family corporation

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1 Property under family corporation on Fri Aug 26, 2011 6:20 pm


Arresto Menor
We have a property under the name of the family corporation. There are 5 of us. Majority of us want to sell this property but 2 siblings (A & B) want to keep their portion to do as they please. We had a verbal agreement to change the titles from the family corp to individual titles. But whenever we voice out that we are planning to proceed with the changing of the title to be able sell the property, sibling A would contradict the rest and not want to transfer the title from corporation to individual again. I guess he does not want to let go of the property because it's in a commercial area and he sees potential. But the problem is the other siblings are in need of money and want to sell this property already because it is not income generating. This property has been stagnant for 9 years. Plus sibling A (who is single) lives there and keeps "renovating" the property and it is not what you can call beautification or improvements, making the chances of attracting renters less and less everyday.

My questions are:

1. What is the easiest and least costly way to divide the property so that sibling a & b can keep theirs and the rest can sell their portions? Is it possible to combine the share of 3 siblings and 1 each for sibling A & B making it 3 titles?

2. Is there a "majority wins" rule when it comes to properties like this? Or do we need to get everyone's vote to be able to sell?

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