Navigating Partition Actions In New York
There are many cases in New York where people co-own real estate together. For instance, perhaps two people inherited a home together, giving both an ownership stake. Or perhaps more than one person once purchased real estate together and has been sharing ownership ever since.
This can create complications when one party wants to sell their ownership share – and that is where Napolitano Law PLLC, located in the Bronx, comes into the picture. With head attorney Phil Napolitano, we bring nearly 30 years of extensive real estate experience. Our lawyers will be happy to meet with you for a free consultation to explore your options, which could include a partition action.
What Is The Purpose Of A Partition Action And When Is It Needed?
What sometimes happens is that one owner wants to sell their share in the property, but the other does not want to sell and would like to retain ownership. However, they may not be in a financial position to buy out the other person and take over as the sole property owner.
As a result, the court can move forward with a partition action that splits the property. In some cases, this is done physically. For instance, co-owners may have two lots, so the court simply assigns one lot to one person and one to the other. The person who wants to sell can then make a sale on their lot, while the other retains ownership of their share.
Other times, the division is legal and not physical. Two people may co-own a house, which cannot be physically divided in half. A partition action allows one co-owner to sell their share to a third party, who then becomes a joint owner with the other individual. This approach allows the person who wants to sell to receive the value of their ownership, while the person who wants to keep the property can continue doing so with a new co-owner.
How Can An Attorney Help?
The above is just a brief overview of partition actions, but these legal actions can become complicated. An experienced lawyer can offer guidance, help with negotiations and assist with exploring all potential options to find a solution. If you would like to meet with our team for a free initial consultation, call us in New York at 718-414-6175 or use the online contact form today.