Legal Question in Real Estate Law in New Jersey

Re: real estate

The easiest way is if you and the partner can come to an agreement of buying out the partner's interest. If that is possible, the partner would deed his/her interest in the property to you and you could pay for that interest with some of your refinance proceeds.

If you cannot agree, you would have to sue to partition the property. This is expensive and takes time. A court might order a buy-out, or it might order a sale of the property with a split of the net proceeds of sale.

In either case you should have a real estate attorney to assist and to make sure the documents are properly prepared, executed and recorded.