Legal Question in Real Estate Law in New York
want his name off the property
my wife and i were married 9 years ago.her and her ex boy friend had bought some property with him.she had no job and he did.she used her cd to cover the loan if he didn't pay for it,which he didn't.she payed for it with her cd so i didn't have to, made 2 payments.she offer to buy his half for 8,000$ that is more than half and he wants more.what would a judge do in this case? we want this property because it's in a nice location.is ther any other way to get his name off the property?
1 Answer from Attorneys
Re: want his name off the property
In the absence of a written agreement, a court would presume that your wife and ex-boyfriend owned equal interests in this property. After bringing a partition action (the type used to compel a sale of property when one owner does not wish to sell), a court would demand that the parties order an appraisal of the property to determine its fair market value, order that the property be sold and the proceeds divided equally between the co-owners.
The writer may want to try to determine why the ex-boyfiend does not wish to bought out at an amount which is more than 50% of its present value. Perhaps they do not agree as to the value.
The writer should know that if the property falls into foreclosure, the two onwers will probably receive less than the full market value for the property.
If the writer wishes a free 30 minute consultation to discuss options, they may call my office.
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