Do you own property with another person or multiple people? Maybe you originally purchased the property with a partner, or you and your siblings inherited it from a parent, or you bought the property as an investment with a group of people. Many times, these arrangements can go on for years without a problem. However, occasionally these situations can become tense when disagreements about the future of the property come up.
Experienced Legal Counsel Can Help When You Co-Own a Property
Multiple property owners may disagree about what to do with the property. If one of you wants to use it, while another wants to sell it, you may need a partition attorney and conduct a partition action. A partition action is a legal way to split land into separate parts, allowing each owner to use their section as they wish. This can help you reach your property goals and maintain good relationships with your co-owners.
A partition action lets you manage the property in question as you like. However, it is important to get help from an experienced real estate lawyer before you start who understands New York law. We can help you negotiate the division calmly and make sure your best interests are prioritized.
A Partition Action Is A Property Ownership Settlement Agreement
If multiple property owners can’t agree on what to do, they may consider starting a partition action. This legal process can help resolve their disagreement. This is a property settlement agreement. Two types of property partition actions exist:
- Voluntary partition is when all owners agree and make a legal agreement that can be enforced in court.
- Judicial partition happens when co-owners can’t agree on property division, so a judge decides for them. This can often force the co-owners to sell the property.
A partition action divides the property among co-owners. Each co-owner receives their own portion of the property to own individually. Afterward, they can choose to keep the property for investment, sell it, or live in it.
Benefits of Working With a Real Estate Partition Lawyer
Owners should have a real estate attorney review the contract if they want to divide property or if a court orders it. This is important to ensure a fair property settlement. The court needs a lot of paperwork from you to decide the best way to move forward with the partition action.
This document may contain information about the costs of property maintenance, and will also show who made the payments. If you think other owners should share in the costs of maintenance and repairs, you can request reimbursement. A real estate lawyer can collect important information and protect your interests to assist you.
Partition actions are typically granted by the court without trouble; however, we recommend first pursuing mediation before taking the steps toward a partition action. Mediation, which results in a voluntary partition, can often help you avoid the forced sale of the property. Even if the two parties have been unable to reach an agreement on their own, often a mediator can help you sort through the issues at hand and reach an agreement that works for all of the parties involved.
While we recommend mediation, we also recommend that you don’t go into it without first retaining legal counsel. Your partition lawyer can help prepare you for the mediation experience and help you get the best outcome possible.
Contact Our Real Estate Partition Action Attorneys Today
Our real estate attorneys are quite experienced with partition actions as property settlement agreements. Our real estate partition lawyers serve clients in The Bronx and Poughkeepsie and are eager and able to give you the advice that you need in your case.
Our fees are reasonable, and the advice and legal processes are worth it. If you are considering pursuing a partition action on a property that you co-own, contact our team to schedule your consultation.
Our free, confidential consultations will give you a chance to learn more about our real estate legal services and how we can help you. Contact us today to learn more.
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