Rochester, NY asked in Real Estate Law for New York

Q: three siblings own a property. One wants to sell other two can't afford to buy them out. Two want to keep property.

All three own the property one wants out. Other two want to keep property. Do the two need to sell because they can't afford to buy the one out?

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2 Lawyer Answers
Mitchell A. Nathanson
Mitchell A. Nathanson
PREMIUM
Answered
  • Garden City, NY
  • Licensed in New York

A: Short answer. Yes.

Michael David Siegel
Michael David Siegel
Answered
  • New York, NY
  • Licensed in New York

A: The only way forward for the one that wants to sell is what is called a partition action. It moves forward like a foreclosure, and ends in a court ordered auction of the property with a division of the proceeds.

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