What happens if 2 people own a building and 1 wants to sell and the other does not?

Asked on July 23, 2015 under Real Estate Law, New York

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 5 years ago | Contributor

If they are 50-50 owners and cannot decide on what to do, their only recourse would be to bring a legal action, sometimes called an action for "partition," in which one of them files a lawsuit asking a court to order that the property be sold and the proceeds distributed. (Sometimes, filing the lawsuit prompts the one who wants to keep the property to buy out the other.) If you wish to explore this option, consult with a real estate attorney.

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 5 years ago | Contributor

If they are 50-50 owners and cannot decide on what to do, their only recourse would be to bring a legal action, sometimes called an action for "partition," in which one of them files a lawsuit asking a court to order that the property be sold and the proceeds distributed. (Sometimes, filing the lawsuit prompts the one who wants to keep the property to buy out the other.) If you wish to explore this option, consult with a real estate attorney.


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