How do I sell property owned 3/4 by 1/4
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
How do I sell property owned 3/4 by 1/4
I inherited lake property from my husband. He owned 3/4; his sister owns 1/4. She ignores the tax bill each year and for many years and has put her share in an irrevocable Trust. I would like to sell. I am elderly and there is no longer a need for more property to care for. How do I go about selling?
Asked on January 16, 2018 under Real Estate Law, New York
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
When co-owners of property cannot agree as to ownership matters, the law provides the remedy of "partition". In such an action, a court can either order that the property can be divided if practical or, if not practical (as in the case of a single family house), then the court will order that it be sold. At that point the proceeds of the sale will be equitably distributed. First, however, any owner(s( who wants to keep the property will have the right to buy out the other owner(s) for fair market value. At this point, you should again consult directly with a local real estate atorrney who can best advise you further under specific state law.
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
When co-owners of property cannot agree as to ownership matters, the law provides the remedy of "partition". In such an action, a court can either order that the property can be divided if practical or, if not practical (as in the case of a single family house), then the court will order that it be sold. At that point the proceeds of the sale will be equitably distributed. First, however, any owner(s( who wants to keep the property will have the right to buy out the other owner(s) for fair market value. At this point, you should again consult directly with a local real estate atorrney who can best advise you further under specific state law.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.