Legal Question in Real Estate Law in New York
Partition Action
I have a situation where a mother and daughter bought ahome . The daughter and her fiance used their funds to buy the house and used the mothers credit. The attorney didn't delineate percentage of ownership and the mother sold/ gave her share to her other daughter. I think I need a partition lawsuit and any advice on how to proceed.
1 Answer from Attorneys
Re: Partition Action
If not deliniated in the deed, there is a presumption of 50/50 ownership. You would need to start a partition action to divide the property through a sale.
Similar to a partnership, upon sale creditors and the taxman are paid first, individuals that helped cause the sale (lawyers, broker, referee)are paid second, partner's capital contribution are paid third, and remainder is equally divided.
Other than retaining counsel, I would proceed by sending a letter, certified mail, stating that you want your money out of the property and suggesting that the other side purchase your percent interest in the property or to sell the property and equally divide the assets.
Mike
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