Legal Question in Real Estate Law in New York
Home Sale
I am a part-owner of a residential 2-family home in Port Chester,NY. The other owner lives in the upstairs apartment. The downstairs apartment is owned and rented by me. The home was originally a one-family house but it was converted to two separate apartments many years ago. However, the units share common metering for utilities (ie. water, electricity, gas, furnace fuel).
I would like to disolve my ownership.
Can I sell my ownership independant of the other owner?
Can I force a sale/auction even if the other owner objects?
3 Answers from Attorneys
Re: Home Sale
Q. Can I sell my ownership independant of the other owner?
A. Generally, the answer is no. However, it would depend on how the property is deeded.
Q. Can I force a sale/auction even if the other owner objects?
A. Yes. That would be a partition action.
Obviously, it would be desirable for all individuals to agree to a sale at the fair market value of the property.
Mike.
Re: Home Sale
The answer to question 1 depends upon whether you are a joint tenant or a tenant-in-common. This refers to the way the property is deeded to you and the other owner, If you are tenants-in-common, theoretically you could sell your undivided half interest.
In any event, you can force a sale in an action for partition.
Arnold Nager
Re: Home Sale
You can sell your interest independently, although you may have to take a discount to induce the buyer. You may also be able to force a partition/sale of the entire property, depending on the circumstances. Feel free to call me at 212-367-9167 to discuss this further. I do not charge a fee for the initial consultation.
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