If you are a joint owner of a parcel of property in New York, you may find yourself at odds with the other owner or owners of the property. One owner may wish to live in or on the property, while other owners may wish to sell the property and split the proceeds of the sale. What does one do when property owners can't come to an agreement as to what to do with the property? If you find yourself in a similar situation, Melvin Monachan may be able to help.
When Is a Partition Action Necessary?
People often find themselves as co-owners of a piece of property when entering into a business venture, or when an individual passes away and leaves the piece of property to two or more people. Oftentimes, these individuals can come to an agreement on what to do with the property. Sometimes, however, co-owners cannot come to an agreement as to what to do with the property. In a situation such as this, a partition action may end up being the only reasonable solution to such a problem.
When one brings a partition action, he or she essentially leaves the fate of the property in the court's hands, and the court determines what to do with the property.
What Kinds of Partitions Exist in New York?
Two forms of partitions exist in New York state--a partition in kind and a partition by sale. While each form of partition attempts to accomplish a similar goal of being fair to all co-owners, the two partition actions achieve this objective in different ways.
A partition in kind is a rare form of partition in which the co-owned property is physically divided into two or more parcels. Following a partition in kind, each owner now owns his or her own individual portion of the property. For example, if three individuals are co-owners of a 30-acre portion of a property, the property may be divided into three ten-acre tracts. This form of partition is generally only utilized for large, undeveloped pieces of property such as farmland, as it can be difficult to divide smaller portions of property or property that contains a home or building.
In a partition by sale, in contrast, the court orders the property to be sold in its entirety at auction. The co-owners of the property then divide the proceeds of the sale. This form of partition is often ordered when individuals are co-owners of a home or building, as it can be extremely difficult--if not impossible--to divide a structure so that each individual owns his or her own separate portion.
At Odds with a Co-Owner? We Can Help
If you a property owner who is in the midst of a dispute with another owner of the same property, Melvin Monachan can help. Don't try to fight a partition action on your own; leave your case in the hands of an attorney with years of experience litigating cases just like yours. To schedule a consultation to speak about your case, fill out an online contact form or call (347) 620-0565 today.