Legal Question in Real Estate Law in New Jersey
Partition action
My sister and I own a house which
she now lives in. She is going
overseas for many years and now
demands that I let her buy out my
half so she can rent out the house
and use the rental income to pay for
a mortgage payment to pay for my
half of the house. I have not been
paying any expenses on the house
since she has been living in the
house solely and I have gotten no
gain on the house. Now when the
house is low priced, she wants to buy
me out and will be filing a partition
action if I don;t let her buy it. I want
to wait to sell it to her in about 2
years when I retire so my taxes will
not be so high, ( I will also be paying
college tuition then on my younger
son;s college bills too) I would like
gain from renting the house too. The
house was given to us by my mom
11 years ago and so I will need to
pay capitol gains on the value of my
half. The sale of this house would
put my income into a luxury tax
bracket if I sell it now , but not if I
sell it when I am retired since my
income will be so much lower. What
can I do?
2 Answers from Attorneys
Re: Partition action
You can hire a lawyer, and get some advice.
I do not think that any attorney can give you any useful advice over the internet on a mess like this.
If the property is not too far from my law office, then I would be able to help you. I am in northeastern NJ near New York City.
Let me know if I can help.
Re: Partition action
You should talk to your sister and work out some arrangement that is beneficial to both of you. Also, you should see an attorney to discuss your situation in detail. The only thing a partition action will do is cost both of you a lot of money and bad feelings. If the property is in North or Central Jersey call me for an appointment.
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