QUESTION

Do I have any legal options to move this forward?

Asked on Mar 10th, 2019 on General Practice - New York
More details to this question:
I own 50%, and my brother owns 50% of our late mothers home. We both live in different states from where the house is located. I want to sell the house, and my brother states that he wants to keep the house to move back into it eventually. I offered to sell my 50% of the house to him, but he is unable to raise the money to do so. He offered to make monthly payments over many years, which I am not interested in accepting. We are at a standstill at this point, and the house is just sitting empty. Do I have any legal options to move this forward?
Report Abuse

2 ANSWERS

Estate Planning Attorney serving New York, NY
1 Award
You must bring a partition action in Supreme Court.  This is your only option.  It is like a foreclosure, where the court orders a sale if you cannot settle.
Answered on Mar 18th, 2019 at 6:33 AM

Report Abuse
Appellate Practice Attorney serving New York, NY
You don't say how you and your brother own the property - as tenants in common, as joint tenants, as 50% shareholders of a corporateion which owns the property?  Assuming the most likely scenario, that you own it as tenants in common, you can sue to partition the property, which means divide it between you, but if physical partitiion is not feasible or commercially viable, as it seems here (most homes can't readily be divided, as opposed to unimproved property), then the Court would likely order the property sold and the proceeds divided.  Even if you didn't want that ultimate result, starting a partition action would start a clock and get things moving, so that your brother would have to come to the table and negotiate a fair settlement where one of you could buy out the other.  You may be able to work something out along the following lines: you sell the property to your brother and he mortgages it to come up with the money to pay you, or you could give him a mortgage so that the debt would be secured by the property.
Answered on Mar 11th, 2019 at 2:49 PM

Report Abuse

Ask a Lawyer

Consumers can use this platform to pose legal questions to real lawyers and receive free insights.

Participating legal professionals get the opportunity to speak directly with people who may need their services, as well as enhance their standing in the Lawyers.com community.

0 out of 150 characters