Hello. My name is Damien. I am a Trusts & Estates attorney in New York City practicing in the New York City metropolitan area. When one of the joint owners of property dies, that does not necessarily mean that the surviving owner has to sell their share of the property. However, the heirs of the owner that died can attempt to force the sale of the property through a partition and sale action depending on how the property was originally held (if legally held as tenants in common as explained below). So, it is not automatic that the property has to be put up for sale. Either one or the other owners can buy out the other owner or owners or there is a sale to a third party. If the owners do not agree to the sale, one of the owners can attempt to petition the court to force the sale of the property in a partition and sale action. Note that when there are multiple owners of properties, the owners can own the property as tenants in common or joint tenants of rights of survivorship. If the deed says with joint tenants with rights of survivorship, then the surviving owner inherits the property. If the deed does not say joint tenants with rights of survivorship, then it is presumed to hold as tenants in common wherein each owner's heirs inherit their share. If you need any assistance, a New York Trusts & Estates Attorney could help you.
Answered on Mar 31st, 2021 at 5:45 AM