Legal Question in Real Estate Law in New Jersey

What is proper process / forms for sale of partial interest in real estate? One party with 50% ownership wants to sell their interest.


Asked on 9/21/11, 7:00 am

2 Answers from Attorneys

Larry Raiken Larry S Raiken LLC

If I understand your question the documents you need on a partial sale are the sane dicuments you need on a full sale. Namely a deed, affadavit of consideration, sellers residency certification affadavit of title and a title search.

Read more
Answered on 9/21/11, 7:04 am
Miriam Jacobson Retired from practice of law

Take into account that it may not be a good idea - unless this is a sale between co-owners, generally no one wants to buy a partial interest in real estate. It cannot be covered by title insurance, no lender would give a mortgage on it, and if the co-owners disagree about what to do with the property, they will have to go to court, at substantial cost and time and ultimate reduced proceeds to each of them.

THIS RESPONSE IS NOT LEGAL ADVICE, SINCE I DO NOT HAVE ALL OF THE INFORMATION THAT WOULD BE REQUIRED, AND I DO NOT HAVE A REPRESENTATION AGREEMENT WITH YOU.

* If the answers to your question confirm that you have a valid issue or worthwhile claim, your next step should almost always be to establish a dialog with a lawyer who can provide specific advice to you. Contact a lawyer in your county or township.

* Another reason for contacting a lawyer is that it is often impossible to give a good answer in the Internet Q&A format without having more information. The unique circumstances of your situation and things that you may not have thought to mention in your question may completely change the answer. If you want to be sure that you have a complete answer to your question and an understanding of what that answer means, establish a connection with a lawyer who practices in the area of your concern.

Read more
Answered on 9/21/11, 9:37 am


Related Questions & Answers

More Real Estate and Real Property questions and answers in New Jersey