Legal Question in Real Estate Law in New York
Four parties on one house deed
A woman owning a home added her three daughters to the deed 20 years ago. The mother is still alive, although elderly and frail and requires constant assistance. One of the daughters wants her ''share'' of the home equity before the mother passes away. Can the other owners be forced to buy out her share or sell the home to satisfy her claim?
2 Answers from Attorneys
Re: Four parties on one house deed
Not unless all of the owners agree. Or the one who wants can go to court to force a partition sale. Or the others can get together and buy her out.
Good Luck
RRG
Re: Four parties on one house deed
The co-owner's can be forced to sell (or buy-out the other owner) through a Judicial Action for Partition. It is likely that the Judge would take the elderly Mother's condition into consideration and offer time for sale/buy-out to take place.
If you could make some sort of settlement before winding up in court it would be better for all concerned and less expensive. Perhaps offer her less than her full share and buy her out? The cost of litigation will result in a lesser share in the equity all around.
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