Bronx, NY asked in Business Law and Real Estate Law for New York

Q: Hello, me and my mother own a property together. I would like to sever the agreement. I want the 5 years of investment $

We are both on the title and the bank.

I want to end the agreement.

I want the 5 years of $ I invested.

Would it be possible to use the equity as payment or buyout or both?

Related Topics:
1 Lawyer Answer
Michael David Siegel
Michael David Siegel
Answered
  • New York, NY
  • Licensed in New York

A: Yes you can use the property in a buyout. You would need to basically sell the property to your mother, and she would get a new mortgage in her own name. It would be like a regular deal.

Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.

The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.

Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.