Legal Question in Real Estate Law in New York
DissolvingTenant in Common ownership
My brother and I have owned the 4 acres on which he lives for 15 years. Because of disagreements, I commenced a partition action several years ago; I stopped the action into its 7th (yes, 7th!)year. Last year I offered to deed the property over to him, but he did not respond to either registered letters from my attorney or me. I am financially tapped out and wish to rid myself of my 'share' and the liability issues that accompany it. Is there any way I can get my name off the deed? Thanks for your help...
3 Answers from Attorneys
Re: DissolvingTenant in Common ownership
I would like to add that, you can sell your undivided half interest to someone, should you choose to do so, and that individual would have the same rights in the property that you have.
Re: DissolvingTenant in Common ownership
Mr. Nage is correct. You only need to execute a deed and deliver it to someone in order to convey your interest. It should be fairly easy to get someone to buy you out for a discounted price, especially given your motivation to divest. We have clients who look to invest in things like this. Feel fre to call if you wish to discuss further.
Re: DissolvingTenant in Common ownership
A partition action will dissolve a Joint Tenancy or a Tenancy in Common. But you already knew that. May I ask why you discontinued that action?
This post is not legal advice and does not create an attorney-client relationship. It is a comment on the legal question posed by the poster and should not be relied upon in any way. All readers are advised to consult an attorney to address their specific legal concerns. Additional facts could affect the answer given.
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