A partition action is an action in which two or more parties own a piece of property together but no longer wish to own it together, or one feels that the other is taking advantage in some way. A partition action often comes up in the context of a parent dying and a property is passed to the children. The property was left to all of the children but now one child or more are being forced to move out because the others want to sell the property. Can one or more children buy out the other siblings? Does he or she have the money to do so? Can they remain in the property and pay rent? At Pearlman, Apat, Futterman, Sirotkin & Seinfeld, LLP, we can answer your questions and represent your best interests in these complicated actions involving selling co-owned property.
Partition Actions and Rental Property in New York
If there is rental property involved, a partition action can also come into play when investors have invested in one piece of real estate and now want to be bought out, and they need to know what the value of the property is and what the rent role is. They need what is called an "accounting," which is another part of the petition action. The accounting requires the party in control of the investment property or in control of the financials to account for the expenses and revenue with regard to the property, the rent collected and other expenses.
At Pearlman, Apat, Futterman, Sirotkin & Seinfeld, LLP, our lawyers have handled many partition action cases. When properly managed, most of these cases can be resolved by summary judgment, without the need for a trial over issues of liability. Of course the issues of accounting and valuation of the property are questions of fact for which there can be evidentiary hearings and expert testimony and, therefore, a trial.
As we are very familiar with these actions, we know where to find appropriate experts, depending upon where the real estate is located and its complexity, and whether it is a condo, co-op, one or two-family house, multiple dwelling, or a large residential or commercial property. Contact us by e-mail or call our offices to speak to an experienced Queens real estate partition actions attorney.
