If you want out of a property but the other co-owners will not buy-out your share, what are your options?

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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 9 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.


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