If you want out of a property but the other co-owners will not buy-out your share, what are your options?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
If you want out of a property but the other co-owners will not buy-out your share, what are your options?
Asked on January 27, 2013 under Real Estate Law, New York
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
In the law there is a remedy for just such a situaton. It is called "partition". This is a legal tool that is employed when the co-owners of property cannot agree as to ownership matters (as in your case). Pursuant to a a partion, a court ill order that the property be equally divided if practical (as in the case of raw land, etc). However, when division is impractical (as in the the case of a single family home), then the court would order a "sale in lieu of partion". At such tme as the sale was completed, the proceeds would be equitably distributed. However, before a sale to any 3rd party, the property would be offered to the other co-owners who did not want to sell; they could then buy out the owner who is in favor of a sale for fair market value.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.