Legal Question in Real Estate Law in New York

Re: buy out from a joint real estate property

We can assist you with filing the appropriate claim for relief, which in your case will include seeking an order from a court for partition. These types of cases usually get very uncomfortable when family members, as opposed to strangers, are involved. We would be happy to assist you. Call me further to discuss, and review our law firm's credentials on-line.

Re: buy out from a joint real estate property

An action in partition is required where the court compels a sale. Good luck.

Re: buy out from a joint real estate property

First you have to establish the true market value for the property, to determine your fair share of the value. This may require an appraisal. On your numbers, the property has a value of $1MM ($350M x 2 + $350M mortgage). I also presume from your question that the current mortgage has been paid from the rentals, so you are not out of pocket for the mortgage payments and other costs (e.g., real estate taxes, insurance, etc.). Since you are equal owners, you have a right to bring a suit for partition (splitting the ownership and requiring that you be bought out or the property be sold). Depending upon the rentals being received, the property may be able to be carried without your brother having to come up with money. He can then refinance the property, assuming he has decent credit and the property has the value to obtain new financing, using the refinance proceeds to pay the current mortgage and buy you out. If he refuses, the partition suit will require the property be sold.

Re: buy out from a joint real estate property

If there is no agreement or will restriction, you can file a Partition action with the Court to force a sale. The Court would appoint an appraiser and the property would either be sold or your brother would have to buy you out. You would get half of the appraised value less half of properties debt. You will need an attorney to file the proper papers with the Court. If you wish to pursue this matter or have any other questions, please call my office. If you mention Law Guru, the first half hour consultation will be free. Good Luck.

Bernie Berkowitz

93-808-2003

Re: buy out from a joint real estate property

According to your figures this property is worth 1 million and you have a 300K mortg? With that kind of equity your bro should be able to get a mortgage for $650K and buy you out. He can get a no doc loan if needed. A judge can order him to sell (partition).

Re: buy out from a joint real estate property

The other responses may be helpful to you, but I think you need to provide more information for a good assessment. First of all, why are you and your wife named mortgagors if title is held by you and your brother? Did he receive any of the loan proceeds? What is the property worth? Does your brother pay rent? Why do you say the property can only be sold if you both agree? Feel free to call me at 212-367-9167 of you still want help. I do not charge a fee for initial consultations.