Legal Question in Real Estate Law in New Jersey

It is legal for one of 3 owners to live in a home full time, but that person should carry all of the costs. It would be useful for all of the owners to enter into a co-owners' agreement that spells out everyone's rights and responsibilities. If the owners cannot reach agreement, anyone of the owners may go to court in what is called a "partition" action, which basically asks the court to order a sale of the house with net proceeds, after costs of the law suit and the sale to be divided among the owners. The trouble with partition is that usually the costs exceed the proceeds. It would be better to negotiate a resolution, whether it's an agreement, or a buyout by the person who is living there of the interests of the other owners' interests. Fair value can be established by appraisals. The parties should each have separate counsel to make sure that each person's rights are being adequately represented and protected.

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.

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