Legal Question in Real Estate Law in New York
Quick Question
My mother passed away and made me and my brother the excutor of the will. We took care of everything, except the co-op she owned. My brother is still living in it and I am not. I made a deal with my brother last yr. As part of the deal I had the stock transfered to his name only and we would wait 6 months and build his credit up and then he would get a mortgage to buy me out. If he did not have a mortgage in place by Jan 2006 I would then have the option to sell the co-op and we would split the profit. Well it is now March and he still has done nothing. We both signed this document stating the deal and now I want to act on it. Do I have any legel legs to stand on? I am concerned he is going to say '' well the stock is in my name and that is that''
2 Answers from Attorneys
Re: Quick Question
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Yes, if he signed the document. I would need to see the actual document but generally,you would need to bring a legal action to enforce the sale of the shares, or alternatively, for the money plus interest.
Re: Quick Question
You might have a legally binding Agreement for your brother to pay you money, based upon the value of your interest in the shares. You may be able to succeed in obtaining a Court Judgment for same.
However, your "option to sell" the premises or Share/s was probably relinquished, when you transferred title to his name alone, without recording a lien and claim upon the Shares and premises, per State Law, for the purchase money he owes you.
See a lawyer!!!!
Good luck,
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