Legal Question in Real Estate Law in New York

Percentage of my Condo

Hello, Someone I know has suggested I sell him 20% of a condo I own in NYC. It is worth about $650,000. He says to sell him the 20% as if it were worth half a million dollars.


Asked on 7/25/07, 11:53 pm

1 Answer from Attorneys
Stephania Jason S. Jason & Associates, LLC

Re: Percentage of my Condo

I am not sure why you would want to give ownership interest in your property to someone else. Yes you might receive some money for the deal but you will also be selling 20% of your interest in the property. This person and you will be linked to the property and it will not be easy for you to separate yourselves. If you later want to sell or refinance the property you will need this person's agreement and signature. This deal has more potential for problems than benefits to you.

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Answered on 7/26/07, 9:35 am


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