Legal Question in Real Estate Law in New York

How are partition actions conducted

I am in a dispute with a co owner. There are three of us who own a two family house. We agreed to sell our two family house several months ago. Now one refuses to sell. I need more info regarding what to expect in a partition action such as who is eligible to bid. At what price is the bidding started and how is this amount determined.I heard that it is 60% of the market value and that only investors can bid.But I also heard that it is open to the public.So which applies and how is the amount of where the bid begins decide?

Thank you


Asked on 7/06/01, 12:12 pm

1 Answer from Attorneys
Garry Hanlon

Re: How are partition actions conducted

In a classic partition action sale, the

public bids. There is no minimum bid

You have the right to bid. Whatever price

the property brings, it brings. The net

is then divided among the owners. Your

only protection is your ability to bid

Read more
Answered on 7/10/01, 9:39 pm


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