Legal Question in Real Estate Law in New York
partition real property
I own a two fifths interest in property. Property is held by tenants in common. Please explain the details of a partition action. Do all parties have to agree?
Can the court refuse my request for partition? This property is adjacent to my home. I bought the property from two of five feuding family members (no relation to me). I'm now however feuding with these other three people who each own a one fifth interest. Help!
1 Answer from Attorneys
Re: partition real property
Partition is available provided you prove your interest. It is an equitable action meaning the Court has discretion to determien a "just" result. Lack of consent is the whole reason for the action. The Court will determine the percentage ownership of each party and then order an auction sale of the property. An auction sale usually only draws investors (i.e. 60% of "retail" value) and the partition action can be costly. If you can't come to an agreement with the co-owners, give me a call (516-780-0270) for further discussion.
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