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How to buy out your co-owner

“I want to buy out the co owner but my ex-wife or co-owner does not want to buy me out.”

“In the divorce we did not deal with dividing the property and I wish we had done so as she is not paying her share of the mortgage or expenses of the property and the bills are killing me”

“I bought a house with a friend. I live in the house but he doesn’t and he won’t help with any of the expenses like the mortgage,”

When the above situations arise, it’s time to speak to a qualified real estate attorney Bronx.

In New York, the law allows you to file an action in the Supreme Court of the State of New York for Partition and Accounting of Real Property.

In this action, you are asking the Court to determine the interests of each of the parties on the Deed and if no agreement on buy-out can be reached the property will be sold.

This situation also arises often after the death of a family member where there was no Last Will and Testament. You may have several family members living in a house for free, while the family members who do not live in the house pay expenses or vice versa.

In fact the situation can even arise where the was a Will, if the decedent left a house to several family members but one of more of the members does not wish the responsibility of ownership and wants money for their interest in the property.

Over the past thirty years I have handled a great many Partition cases in the Supreme Court. Each case is different but the client goals are similar.

Each client wants either to receive money for their interest in the property or to pay as little as possible to a party they wish to have removed from title.

Often there is quite a bit of animosity between the parties as in divorce cases.

I recommend that the client keep a folder of their property expenses with the bills and copies of the checks used to pay those bills. This helps prove who has been paying the bills and can provide leverage in the accounting part of the case.

Likewise if you have been collecting rent from tenants, the existence of your receipt book shows what the tenant has been paying you or what the tenant owes you. All Landlords should use receipt books to prove rents received or due from Tenants.

If the above examples describe your situation please feel free to email or call me for a free, in person consultation.

You can reach me at evan@rogersandrogersesq.com to set up your appointment.

Call Us Today

Address:
4419 White Plains Rd.
Bronx, NY 10470

Phone: (718) 994-1640

Fax: (718) 325-7439

Email:
Evan@RogersAndRogersEsq.com

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