Dear Advisors,
Not sure if mine is unique case, please guide. Ever since we constructed our 3 shops, we rented to one of our known person in 1988 @ niminal rent of 200 per month each. He increased the rental 4 times during entire 24 yrs. but we never forced him to increase it. Still the rental what he pays is half of the market rate. We're not worried about rental and don't want him to vacate because of it.. He pays rental in cash. We never formed any rent agreement nor any legal document as we belived him a trust worthy person.
Now my brother, who is not doing well with his job, planning to do his own busniess in the shops. We requested him to vacate the shops but he is not willing to. We have been requesting him for last 6-7 month's so as he can take his time, find another shop and relocate. But all seems going invain.. We never wanted to get into legalalitis, but it seems we have no choice now.
Please advice me what to do.
I'd really appreciate your help
Thanks
Rob