Put a caveat on a property for debt owed?

Hi guys.. I stuffed up. I made the mistake of doing business with family and it's coming back to bite me in the bum...

I lent my brother half of his deposit for a house and I also completed a full reno within and out on the promise that when it was completed he would give me a share of the profits.

Fast forward a year and he has turned on me and it now looks like he is not even going to return my share of the deposit to me once he sells, let alone pay for the reno work I completed.

It is now looking like I'll have to take him to court. Anyone ever been in a similar situation to me and have any advice? I'll be seeing a solicitor ASAP.
 
I have a signed agreement between myself and my brother basically stating that we would split the profits for the work I completed once the property was sold. It wasn't witnessed though, but it was signed by both he and I.

I do have a lot of photographic evidence of me working on the property throughout the progress.

I think I might issue him an invoice for work completed, as I do have an ABN.

At this point unfortunately I couldn't care less if I talked to him again.
 
Hi guys.. I stuffed up. I made the mistake of doing business with family and it's coming back to bite me in the bum...

I lent my brother half of his deposit for a house and I also completed a full reno within and out on the promise that when it was completed he would give me a share of the profits.

Fast forward a year and he has turned on me and it now looks like he is not even going to return my share of the deposit to me once he sells, let alone pay for the reno work I completed.

It is now looking like I'll have to take him to court. Anyone ever been in a similar situation to me and have any advice? I'll be seeing a solicitor ASAP.

Since you have provided funds used to purchas and done it up you would have an equitable interet in the property and would probably have grounds to lodge a caveat.

However this won't really help you get it back. You should lodge the caveat, after seekig legal advice, to protect your priority over later creditors but you will still be an unsecured creditor.
 
Hi guys.. I stuffed up. I made the mistake of doing business with family and it's coming back to bite me in the bum...

I lent my brother half of his deposit for a house and I also completed a full reno within and out on the promise that when it was completed he would give me a share of the profits.

Fast forward a year and he has turned on me and it now looks like he is not even going to return my share of the deposit to me once he sells, let alone pay for the reno work I completed.

It is now looking like I'll have to take him to court. Anyone ever been in a similar situation to me and have any advice? I'll be seeing a solicitor ASAP.

When hearing stories like this, so glad I am an only child!
 
Since you have provided funds used to purchas and done it up you would have an equitable interet in the property and would probably have grounds to lodge a caveat.

However this won't really help you get it back. You should lodge the caveat, after seekig legal advice, to protect your priority over later creditors but you will still be an unsecured creditor.

Do you think sending an invoice and following up in court could be a viable route? Or should I place a caveat and wait for it to sell to collect my money?
 
Do you think sending an invoice and following up in court could be a viable route? Or should I place a caveat and wait for it to sell to collect my money?

You should make a written demand first - keep as evidence.

then its up to you, when do you want the money v when do you think he will pay.
 
Can you wait 'til it's sold and then see what he does? He might just be p'd off with you and pushing all your buttons because you keep asking him for your share and he can't give it to you.
If he doesn't cough up when he's got the dosh, then take action.
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Hi guys.. I stuffed up. I made the mistake of doing business with family and it's coming back to bite me in the bum...

I lent my brother half of his deposit for a house and I also completed a full reno within and out on the promise that when it was completed he would give me a share of the profits.

Fast forward a year and he has turned on me and it now looks like he is not even going to return my share of the deposit to me once he sells, let alone pay for the reno work I completed.

It is now looking like I'll have to take him to court. Anyone ever been in a similar situation to me and have any advice? I'll be seeing a solicitor ASAP.

That is so sad

I cannot believe people would let money come between blood

Sorry to hear, good luck
 
Personally, I'd go get some legal advice first and then lodge the caveat (if legal advice says to do). Then you're in a stronger position to get your debt back at some stage and it might be the catalyst for him to work things out with you.

I had this done to me for a spousal settlement some years ago and it made me talk and reach an agreement with my ex!
 
Unless your brother has told you to get &^%^& and that he has no intention of returning any of your money, then there should be room for communication.

Do you have a mutual trusted relative - sibling, aunt, uncle, grandparent who would act as mediator?

Legal action should be a last resort.
Marg
 
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