Legal Question in Real Estate Law in New Jersey

Re: Dual ownership of property

Often, co-owners of a property will have an agreement that provides for a buy-out if one owner wants to give up his interest. This would usually be based on some value, and may be based on a current appraised value.

Without an agreement, you are not _Required_ to buy him out, but he could go to court to force a sale of the property, with a division of the net proceeds.

If you are willing to buy out his interest, it is possible to refinance the property in order to pay off any mortgage you now have, and to pay your brother for his interest. At the loan closing, he would sign a deed transferring his interest in the property to you.

You should have the assistance of an attorney in this, because you need a buy-out agreement with conditions to protect you. Both of you will have to agree to the manner in which the value is established. Once there is such an agreement, you may apply for mortgage in your own name.

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Re: Dual ownership of property

Close enough! You each own a divisible share of the house. I suggest you have a realtor do a comparative market analysis for you (in writing) for a small fee and then consult an attorney to help you fashion appropriate terms for the purchase of his interest (presuming you wish to stay in the house). Alternatively, you can sell the home to a third party and divide the proceeds. Remember you can always find another home, but your relationship with your brother should be viewed by both of you as inviolate. You should be accomodating (reasonable) to each other.