Legal Question in Real Estate Law in New York
What are my options for jointly owned Property
I have jointly owned Property in upstate N.Y. with my siblings. (4 names on the deed)
If I want to sell my 1/4 what are my options? Can I sell my 1/4 to a 3rd party, a friend or outsider? Do I have to make my siblings sell the whole piece to obtain my 1/4 value? How does Quit Claim work? Pointers Appreciated!
1 Answer from Attorneys
Re: What are my options for jointly owned Property
Unless the Deed restricts sales by a minority (less than half) owner, you could sell to anyone. However, this could cause family disharmony if a 3rd party becomes an owner. Also, since you are selling only a 1/4 interest, you may not be able to get full value since the limited ownership interest is subject to the actions of a majority of owners.
This might be different if the property is rental rather than personal usage.
There is also the possibility of a suit for partition which could require a full sale, if you can establish proper grounds (e.g., conflicts of operations and improper treatment or reporting to the minority owner(s) by the majority owners.
I really need more information as to the reasons you are considering selling and how the other owners are treating you, to properly advise you.
Walter