Hi, I am a one third owner of real estate in upstate New York. One of the three co-owners, who has been inactive for years in paying the taxes, etc now wants out and wants his share in cash. The other two owners don’t have the cash and are not interested in selling the property. Could the one that wants to sell sue the other two, forcing them to sell the property or pay him his share? One of the two parties that doesn’t want to sell says that she was told that if two didn’t want to sell, the other person was “stuck”. I find this hard to believe and think that he could very well prevail. Am I right?
As a potential solution, I am thinking of asking the one that wants out to sign a quit claim deed to give his share to the other two owners in exchange for a promissory note to be paid some time in the future. Any requirements in this type of deal (i.e. a time limit, minimum interest rate, etc)?
Thanks in advance,
Bruce
Q. Could the one that wants to sell sue the other two, forcing them to sell the property or pay him his share? \n\nA. Yes. That is a partition action.\n\nQ. One of the two parties that doesn\’t want to sell says that she was told that if two didn\’t want to sell, the other person was \”stuck\”. I find this hard to believe and think that he could very well prevail. Am I right?\n\nA. You are correct. You cannot force an individual to maintain title to a property.\n\nQ. As a potential solution, I am thinking of asking the one that wants out to sign a quit claim deed to give his share to the other two owners in exchange for a promissory note to be paid some time in the future. Any requirements in this type of deal (i.e. a time limit, minimum interest rate, etc)?\n\nA. There is no per se requirement. However, normally with type of transaction a mortgage is filed (purchase money mortgage) to secure the debt.\n\nMike.
Michael Markowitz
Michael A. Markowitz, PC
1553 Broadway
Hewlett, NY 11557