Legal Question in Real Estate Law in New York

Re: joint tenants with right of survivorship

It is unlikely that you will find a buyer to buy your undivided half interest in the house.

However, should your nephew be unwilling to sell, or to buy your interest, you will need to bring an action for partition in order to force a sale.

Re: joint tenants with right of survivorship

Just a clarification. The reason why your one-half is probably unsaleable is this: if you pass away before your nephew, he automatically gets title to the entire property. Mr. Nagler's suggestion is the only one that you can force on your nephew, and you should be aware that it can lead to a forced sale of the property, like a foreclosure sale: you will not realize the full value of the property. These sales usually produce 40% or so of the value of the property. In other words, if the partition goes through, your nephew will receive significantly less than he would receive if you both sold the house and divided the proceeds evenly. That should be enough to convince him to go ahead with the sale, if he is rational. Not only will he only get 40% of the value of his half interest, but legal expenses might well end up being deducted from his share of the proceeds.

Please be careful. A nephew who would frustrate your needs this way could be unpredictable. Please make sure you have a safety net to preserve your personal safety before you go ahead with this plan.

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 unless and until an attorney-client relationship is entered into. Doing so would require signing an engagement letter and depositing a retainer to secure payment of legal fees.

Re: joint tenants with right of survivorship

I concur with Kevin, presuming that your nephew will be adverse to allowing you to sell to a third party or has no interest in buying you out. On the other hand, if your nephew is reasonable, he should see his risk if a partition action is initiated or threatened. I suggest discussing this with your nephew and see if he has interest in buying you out, possibly at a discounted price from market value. If financing is a problem, you might want to consider selling to him, getting some cash and taking his mortgage. This would allow you to get cash to buy a replacement house, and also have a source of income. He could be offered a mortgage rate below market, as an incentive, and you could get more than if you put the money in the bank. Something to consider.

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 questioner and should not be relied upon unless and until an attorney-client relationship is entered into. Doing so would require signing an engagement letter and depositing a retainer to secure payment of legal fees.