Nys Real Estate:forced Sale
Q: Can anyone offer advice as to how someone who owns 60% of a residence in New York can force the 40% owner, who resides in the house, to agree to sell the house? The 60% owner gains no benefit from ownership - no rent or the like.
A: -Force a partition sale: the property is sold at auction and the proceeds divided. The procedure varies from state to state, but every state has a partition procedure. Consult a local real estate attorney. -Very simple question. Under the New York Real Property Actions and Proceedings Law, the holder of any joint interest in real estate may petition the court for "partition" of the property (judicial sale). As a general matter, the plaintiff is *entitled* to such relief. Most such matters are settled by one party's agreement to buy out the other. If you need help with such a matter, let me know.