Legal Question in Real Estate Law in New York
If as grandchildren who had 1/3 ownership in a property but didn't know and find out ten years later, and the other two thirds rented the property out and kept the profits. What can the 1/3 do in a situation such as this, can we receive rent from the past or just current, can the children collectively go after the other 2/3 owners?
1 Answer from Attorneys
Generally, all the individuals would be partners toward the ownership of the property. In a partnership each partner owes a fiduciary duty to the other partner. In other words, each partner must treat the other partner as how he treats himself.
Each partner equally shares the income and expenses of ownership. Therefore, you would be entitled to 1/3 rents received. However, you are responsible for 1/3 expenses paid.
Finally, you may not be able to seek money due for a period more than 6 years past. You certainly are entitled to 1/3 current rent.
Mike.
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Names have been changed to protect those involved. "Claire" and... Asked 12/28/10, 10:45 pm in United States New York Real Estate and Real Property
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