Legal Question in Real Estate Law in New Jersey

Re: Inherited property

Under the facts that you presented in your question, it appears that you may be able to bring a legal action seeking partition and sale of the property.

This is done in the Chancery Division of the Superior Court. The Court will determine whether the property is capable of physical partition (your description of the property sounds like it is not). If the property cannot be physically partitioned into shares, then the Court orders a sale, and makes a determination of the amount that each owner is entitled to.

You should not enter into a partnership agreement if you do not want to keep the property, because you may give up your right to seek partition when you enter into a partnership.

However, since your brother does want the property, and you do not, you may suggest to him that, instead of the expense of a court proceeding, that he buy out your share. He may have to obtain financing for this. If the property is still in the name of the person from whom you both inherited, the executor/administrator of that estate would have to convey the property to your brother by deed; as when a person buys a home, your brother would get a mortgage loan to pay your share of the inheritance.

Re: Inherited property

This poses an interesting set of questions, and I would like to talk with you about the possibilities. For example, what price would you sell your interest for? What are you basing the price on? Wouldn't your brother want to buy out your interest at that price? I have a lot more questions and some alternative possible solutions. Please write back or give my office a call to discuss this situation in some detail.

Mike