If you own a property with one or more co-owners, you may encounter situations where you disagree on how to use, manage, or sell the property. For instance, in some cases, you may want to sell your share of the property, but the other co-owners do not want to buy you out or let you sell to a third party. In other cases, you may wish to live in the property, but the other co-owners want to rent it out or use it for another purpose. In the event of any such dispute, you may need to file an action for partition and sale to resolve the conflict. Continue reading and contact a dedicated Long Island, NY partition & sale lawyer from David A. Gallo & Associates, LLP to learn more about how our firm can assist you.
Partition and sale are legal remedies that allow a co-owner of a property to force a division or a sale of the property. A partition is a court order that splits the property into separate portions according to the co-owners’ respective shares, while a sale is a court order that requires the property to be sold and the proceeds to be distributed among the co-owners.
There are two steps before obtaining a judgment of partition and sale. First, you must establish through motion practice that you are entitled to a partition and sale. The opposing party, if any, may argue that there is a prior agreement or other reason that makes a partition impracticable or unfair. If the motion is successful, the Court generally will assign a Referee to calculate the credits due and owing to each party before the parties are awarded their respective share of the sale proceeds.
After a hearing before the Referee, the movant can either make a motion to accept or reject the Referee’s determination. The auction may only be scheduled once a judgment has been entered in favor of the Plaintiff.
If you are involved in an action for partition and sale, you should consult with an experienced real estate lawyer who can effectively guide you through the process. A competent attorney can help you negotiate with co-owners to reach an agreement outside of court, conduct a title search to verify the ownership/status of the property, respond to actions for partition and sale, and even represent you in court, if need be, among other things.
If you are looking for a Long Island partition and sale lawyer, contact David A. Gallo & Associates, LLP today. We have extensive experience and knowledge in handling complex real estate disputes and transactions, and we will work hard to achieve the best possible outcome on your behalf.