PARTITION ACTION NEW YORK
Filing a Partition Action in New York State Can Protect Your Property Rights
Under New York Law, a partition is a remedy that is available to any person who is the co-owner of property. There are two ways to effectuate a partition of real estate in New York. The parties can come to an agreement for voluntary partition with the aid of their lawyers, or they can file a partition action in NY to get a judicial ruling on the division of land. Although voluntary partitions require far less litigation and court time than a judicial partition, the parties still need New York partition action lawyers to represent their interests and ensure that their property rights are protected throughout the partition negotiation process with the other owners.
In NYS partition proceedings, the law states that there are two means of partitioning. There can be a partition in kind or a partition by sale. A partition in kind physically divides the property by carving out a section of the land so that each party has their own portion and an undivided interest from the New York partition action. A partition action in New York can also result in a partition by sale, where the property is sold at auction and the co-owners divide the proceeds between them after the sale. A partition by sale is the most common New York partition of real estate, because in most cases where there is a home or building attached to the land, it would be very difficult to physically split the structure in two.
Under New York state law, a partition action must divide the premises according to the type of tenancy that the parties originally had when they took ownership of the property. There are two main types of tenancy in the State of New York. The first kind is a tenancy in common, where the parties can each own the property with interests according to the amount that they contributed to the purchase of the property. The second type is joint tenants, where the two or more tenants own the property in equal shares, and sometimes have rights of survivorship. If the parties that are petitioning for a partition of the property were joint tenants, then they must divide the property equally between the owners. If they were tenants in common, however, then they can divide the property according to the percentage that each party contributed to the original acquisition of the property or according to the contractual agreement governing the ownership.
New York is a lien theory state, which means that any mortgagor or lender has a lien on the property in the amount of the outstanding loan. In a New York partition action, the lien must be satisfied before the parties can divide, transfer, or sell the property. If you own land or a home in New York and you would like to sever the relationship with the co-owners and be compensated for your share, you have a right to do so. In a partition action in Brooklyn, an experienced attorney can help you determine your property rights.