Legal Question in Real Estate Law in New York
In New York state, if 3 people own a piece of property with a 25/25/50 split of ownership, does majority rule for the 50% owner?
Asked on 9/17/14, 2:57 pm
2 Answers from Attorneys
David Slater
David P. Slater, Esq.
No. If parties do not agree, sell.
Answered on 9/17/14, 2:59 pm
kevin connolly
Kevin J. Connolly
Unanimous consent is needed for anything that affects the interest of more than one owner. Many things that the "majority" owner does can result in a lawsuit for "ouster" and "partition." Or worse, for an accounting.
Answered on 9/18/14, 5:47 am
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
