NYS Partition

Giving you a deadline is simply a gambit to call your bluff. Unfortunately, if an agreement cannot be reached without going to court, this ends up being an expensive exercise for both of you. Remember this: Valuations are always a gamble in litigation. In a partition action, whether it is heard before a judge or mediator, evidence regarding market value will be considered. The price someone ask for has to be supported. In a dueling battle of real estate prices (and brokers), the judge/referee will look to what is a reasonable price. This may end up being time-consuming and costly. At the end of the process, while one of you may prevail, the time, legal expenses and aggravation will leave a bad taste in each of your mouths. Try to find a price that is reasonable and do each other a favor by avoiding litigation. Also, remember to contact the mortgage holder if there is one. The buyer may need to obtain a new mortgage (although it is not your concern). Finally, keep in mind the possibility of transfer taxes, recording fees and other closing costs and related issues involved in changing the title from joint owners to a sole owner. If both of you can come to an agreement, it is money well spent to jointly hire a real estate attorney to make sure the transaction is documented accurately for recording and tax purposes. Good luck.

If you have had the property on the market for two years without a sale, your asking price is higher than the market. In addition, if you have a private sale there would be no broker's commission. If a partition action is started, the property will be sold at auction and both of you will lose unless one of you has the wherewithall to buy the property at the auction. that would be an expensive loss for both of you. My advice is to try to agree on a price and work it out. What you might try to do is enter into a contract with your co owner where each of you come up with a price you are willing to buy or sell the the house for. When the envelops are opened, the one who bids the highest, gets the property and the other accepts the price. Don't do this without a lawyer.

If you want to buy it for less, you can go through the realtor, if the price is right. Your co-owner can’t force you to buy it, or dictate the price. He sounds like he is either naïve or a bully. In either case, a judge in a partition action will order a sale by a court authorized representative if the two of you don’t agree. The sale will be by auction. It might bring you both less than what you think. You can always bid at the auction. You should get help from a lawyer. Joseph A. Bollhofer, Esq. Joseph A. Bollhofer, P.C. 291 Lake Ave. St. James, NY 11780 (631)584-0100 fax (631)584-2304 [email protected] www.bollhoferlaw.com Member, National Academy of Elder Law Attorneys (NAELA) This e-mail may contain confidential or privileged information. If you are not the intended recipient, please notify the sender immediately by return e-mail and delete this e-mail and all copies and attachments. If you are not the intended recipient, or the employee or agent responsible for delivering the message to the intended recipient, you are hereby notified that any dissemination, distribution or copying of this communication is strictly prohibited. IRS Circular 230 Notice: Unless specifically stated otherwise, any tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein. Unless specifically stated otherwise, this communication shall not be deemed to be legal or tax advice, and no attorney-client relationship shall be deemed to have been created.