To be wary

[Catlady1976]

Dh and BIL now own a holiday chalet. MIL purchased it before she died as she felt both brothers and their families would get lots of great holidays at the accommodation
As the site fees are expensive both BIL and to a lesser extent dh want out. Selling looks tricky so BIL is trying to convince dh to buy him out.
Dh is seriously considering this but is saying that he will give his brother x amount to buy him out but no mention of sorting it out legally. Aibu to be wary.

[EmeraldScorn]

Your husband would be a fool if he went ahead without a legally binding contract and you are not being unreasonable at all, you're right to approach this with caution.

Family or not, money often drives a wedge and it would be utter madness for your husband to buy his brother out if it wasn't sufficiently documented for future reference (Just in case).

[AlmostAJillSandwich]

You just said your DH wants out, so why on earth would he buy out his brothers share? Absolutely under no circumstances if you do buy him out, do it casually. Full legal signed documentation, or whats to stop him pretending he still owns half and claiming half the value if DH sells it or BIL decides he wants some cash? Legally you'd have to give it to him.

[Catlady1976]

I think dh is torn. Our DC love it there and in theory we can find the money to keep it going.

[Catlady1976]

Yes I think it does need to be done legally if at all.

[ImperialBlether]

If your children love it there, couldn't they go back to the area every couple of years for a week's holiday?

You know your BIL will want to borrow it if he's bought out!

[Catlady1976]

I think basically it is going to take time to sell and BIL wants the money now. So let's get soft little bro to bail him out.
I don't think they will want to go down if we buy it.

[OopsDearyMe]

Oooh noooo, if its hard to sell why take on the whole thing!!! Jeez no no no.

Also don't you watch judge rinder ????? Get it all done in writing legally binding etc etc.. But no in first place , ask BIL to by dh out?

[DirtyDancing]

Oh god for goodness sake you need to do it legally. Families fall out over a lot less than a property. NEVER mix family and business, without proper legal channels

[Catlady1976]

I think if we need to appoint an estate agent and give them a chance to sell.
If it does sell say by end of season than yes we could consider buying out but only for 50% of value less the current estate agents and site fees with appropriate paperwork.
I can see I am going to look like big bad wolf

[DrivingMeBonkers]

Will BIL and co think they retain the rights to free holiday accommodation?

[Alanna1]

Well, I would get a valuation, see if you get an offer (i.e. what the market would actually pay), then decide at what price if any it makes sense for you to buy out.

[Catlady1976]

No I don't think they will. They have other options. Although if they are not brought out or sold they are taking the only full week of the Easter school holidays.

[ThePiglet59]

I'd bet a pound to a pinch of pigshit that if you do buy it out BIL and family will 'just want to borrow it' at least once a year,and for free too 'as he did let you have it cheap'