QUESTION
How can i get bought out of my share of a house?
Asked on Apr 04th, 2017 on Real Estate - New York
More details to this question:
Hi. I own 1/5 of a house in New York. I have asked the remaining owners to buy out my share of the home but they have indicated that they cannot. What are my other options? I do not have any use of the house and do not want any claim to it other than my financial share of the house. Thanks
1 ANSWER
1 Award
You need to bring what is called a "partition action" in Supreme Court, and the court can order the house sold and the proceeds divided. Often these cases settle, as the parties who do not want to sell can buy out those that do.
Answered on Apr 08th, 2017 at 7:57 AM