How do I sell property owned 3/4 by 1/4

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How do I sell property owned 3/4 by 1/4

I inherited lake property from my husband. He owned 3/4; his sister owns 1/4. She ignores the tax bill each year and for many years and has put her share in an irrevocable Trust. I would like to sell. I am elderly and there is no longer a need for more property to care for. How do I go about selling?

Asked on January 16, 2018 under Real Estate Law, New York

Answers:

M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

When co-owners of property cannot agree as to ownership matters, the law provides the remedy of "partition". In such an action, a court can either order that the property can be divided if practical or, if not practical (as in the case of a single family house), then the court will order that it be sold. At that point the proceeds of the sale will be equitably distributed. First, however, any owner(s( who wants to keep the property will have the right to buy out the other owner(s) for fair market value. At this point, you should again consult directly with a local real estate atorrney who can best advise you further under specific state law.

M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

When co-owners of property cannot agree as to ownership matters, the law provides the remedy of "partition". In such an action, a court can either order that the property can be divided if practical or, if not practical (as in the case of a single family house), then the court will order that it be sold. At that point the proceeds of the sale will be equitably distributed. First, however, any owner(s( who wants to keep the property will have the right to buy out the other owner(s) for fair market value. At this point, you should again consult directly with a local real estate atorrney who can best advise you further under specific state law.


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