Disputes between or among co-owners of real estate are fairly common in New York. People end up as co-owners of real property for a variety of reasons. In many cases they bought the property together as a business venture. Sometimes beneficiaries under a will or trust jointly inherit the property. And sometimes unmarried couples jointly purchase a property to live in.
When the relationship among co-owners goes sour, or when one party fails to abide by an agreement concerning the property, it may be necessary to partition the interests in the property and let the owners go their separate ways.
In New York, jointly owned real estate can be partitioned in one of two ways. The property itself can be physically divided between the owners. In many cases this is not practical, especially when there is a building on the property. In those cases the property can be sold and the proceeds divided among the owners.
Effectively partitioning property in New York requires familiarity with the various laws that can apply to a particular situation. The share each co-owner will receive will depend in part on the type of tenancy they have in the property. Interests of mortgagees and other lienholders must also be addressed before the partition is finalized.
A co-owner real estate dispute is best resolved by negotiation, but sometimes it is necessary for a party to go to court to fight for their rights under the law. Our law firm has extensive experience with co-owner real estate litigation. For more information, visit our New York City Co-Owner, Title and Deed Lawyers web page.