Legal Question in Real Estate Law in New York

Tenants in Common father daughter

House purchased tenants in common in 1995 for 216000. House now worth 263000. Current mortgage due is 172850. My father laid out most of the money on purchase less 3500. He put down 21600 down payment and closing costs. Since then I have repaid him all money. I have also paid half of all PITI and utilities since the inception. Suddenly he is dating has moved out and married and wants his name off title as well as his money. I offered him 45000 with 30 due at new refinance and remainder due with a handshake of 200 per month. Now he is threatening me with claims that I am a ''deadbeat'' and he is sorry I can not support my family. He refused to sign off on deed and closing was cancelled on June 18. In addition he has stopped paying his half and I have since sublet that space in the house for the same amount he was paying. No profit to be made. He signed an agreement to my bank saying he was accepting 30,000 and would be signing off on title. This was a condition of the loan to prove that I was getting no equity. Based on this document can I now hold him to that?


Asked on 7/07/01, 4:32 pm

2 Answers from Attorneys
Garry Hanlon

Re: Tenants in Common father daughter

There may or may not be a breach of contract

suit for the sale, including the potential

of forcing him to sell (specific performance)

This requires a further review of the

"contract" Otherwise, you are left with the

option of selling at partition, and having

to bid successfully to purchase and then

dividing the proceeds

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Answered on 7/10/01, 9:51 pm
Dan Blumenthal Berkman Henoch Peterson & Peddy

Re: Tenants in Common father daughter

It is unfortunate, but your father is forcing you into litigation. Either the agreement to sell may be enforced as a contract or an action in partition commenced. The most prudent course is to do both simultaneously. Should partition be necessary, a Court would determine the percentage of interest for each of you based on contribution to the mortgage, taxes upkeep and improvements. Once the distribution is set, a public auction would be held. The danger is that these are usually attended solely by investors who rarely bid beyond 65% of value (i.e., a sale in this case would barely payoff the mortgage). If I can be of further help, call me at 516-780-0270.

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Answered on 7/13/01, 8:41 am


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