Legal Question in Real Estate Law in New York

Re: own 1/2 of 2 family house, can I sell my 1/2 to someone

You own what is called "an undivided 50% interest in the whole". All for one and one for all. Who wants to buy into another 25% + 25%? A lender will want all owners on the deed to be on the note & mortgage ... wouldn't you if you lent the money?

The only recourse, if you want out, is to selll them your share, buy them out, or go to court on a partition action to sell.

Call me with any questions at 212-764-5428.

Good Luck.

Re: own 1/2 of 2 family house, can I sell my 1/2 to someone

Lawyer Groezinger is right on the money.

Re: own 1/2 of 2 family house, can I sell my 1/2 to someone

Only having a 1/2 interest will probably prevent you from selling to a third party, or refinancing your share. Most buyers or financial institutions will not want co-owners or partners. Unless you can come to some deal for them to buy you our, or you to buy tham out, you will need to bring a suit for partition in which the Court will determine what happens and set a value of the house. If you initiate the suit, you have a good chance of getting the Court to allow you to buy them out, but the house will have to be appraised and the Court will set the purchase price. If there is a fight, the Court could either say stay together, or force a sale to a third party (or at least use the third party offer to purchase to set the sales price between you and your siblings.