Guide To New York Real Estate Partition Actions
Experienced Legal Support Helping You Settle Disputes
Owning real estate in New York State can be both a rewarding investment and a source of complex legal issues. Co-ownership is a common occurrence, whether it arises from inheritance, marriage, or other circumstances. While co-ownership allows for shared investments, it can also lead to disputes, especially when one co-owner wishes to sell the property while the other does not. In such common situations, New York real estate law provides a legal remedy known as a partition action. At Chiariello & Chiariello, our experienced team of attorneys is here to help you navigate the intricacies of real estate partition actions in Long Island, NY and protect your interests.
What Is A Real Estate Partition Action in New York State?
Partition actions serve as a legal mechanism to resolve disputes between co-owners when they cannot reach an agreement on the future of a property. In New York, there are two types of partition actions, physical property divides and legal property divides, read on to understand the difference between these two.
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Frequently Asked Questions About Partition Actions
How Do Physical Property Divides Work?
When it's feasible to physically divide the property, the court may opt for this approach. For example, if a property consists of six lots, the court can split it into two separate properties, each owned by one of the co-owners. This allows the co-owners the freedom to do as they wish with their respective portions.
How Do Legal Property Divides Work?
In cases where the property cannot be physically divided, a voluntary partition may be initiated. This allows a co-owner to sell their share to an outside party. While this is common among investors, it can be more complex when family members are involved, as objections to sharing ownership with outsiders may arise.
What's The Process of a Partition Action?
A partition action involves taking the dispute to court. Typically, the judge's most common decision is to order the sale of the property, with the proceeds divided equally between the co-owners. Alternatively, co-owners can choose to sell the property voluntarily without going to court, provided they have a well-drafted settlement agreement in place.
Important Considerations
While the concept of partition actions may seem straightforward, they involve intricate legal processes with specific requirements. Mistakes can be costly. Additionally, individual circumstances can greatly impact the outcome of a partition action. For instance, if one co-owner resides on the property while the other does not, the resident co-owner cannot block the sale and may be required to vacate the premises.
Recent legislation in New York has introduced protections for homeowners facing partition actions, such as requiring sales on the open market, mandatory mediation, and the right of first refusal for "holdouts" who wish to retain their ownership.
Why Choose Chiariello & Chiariello in Long Island, NY
Partition actions can be legally complex and emotionally charged, particularly when family is involved. At Chiariello & Chiariello, our seasoned real estate attorneys possess the expertise to navigate these challenges on your behalf. We are dedicated to protecting your rights and ensuring a fair resolution in your partition action case. Our commitment to excellence and comprehensive understanding of New York real estate law sets us apart.
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