Dealing With Partitions Can Be Complicated
When a loved one writes a will, he or she has the right to leave a house or property to more than one person, if he or she chooses. Many of our real estate litigation clients have received part ownership of a home, which a brother may like to keep and a sister may prefer to sell. If the partners cannot come to an agreement about what to do with the house, a partition action may be filed to force the sale of the property.
At Connors and Sullivan Attorneys at Law, PLLC, our attorneys specialize in estate law, elder law and real estate transactions in New York City. We are uniquely positioned to represent the best interests of people who have inherited property and wish to receive a fair share of the property’s value. We have been in practice for more than 25 years and have a track record of success in real estate litigation.
For a complimentary initial consultation with a real estate litigation lawyer in our Brooklyn (Bay Ridge), Queens (Middle Village, Bayside) and Manhattan (Midtown) law offices, contact us by calling 718-414-6209 or 212-235-1339. You may also contact us via email to schedule an appointment in the office nearest you.
Property Division Through A Partition Action
Often people who inherit property come into conflict with each other, because each has different goals. One may want to keep the house and live in it, while another would like to sell it in order to receive the cash value or keep it as a rental property. If the parties cannot come to an agreement, one may bring a partition. The court will then decide what to do with the property.
Before ruling, the court will demand an accounting, including the costs of maintaining the property, its fair market value and partner equity, that is, the difference between the selling price and the amount owed on a mortgage. The court has complete discretion. In some cases, the court may order the property be sold by a neutral third party or order one partner to buy out the other.
Our attorneys have a track record of success in dealing with partition actions and real estate litigation. We have tested skills in negotiation and litigate hard if the situation demands it. Call 718-414-6209 or 212-235-1339 for an appointment with a qualified real estate litigation attorney in one of our New York City offices, or contact us via email.