Question about Selling a home with Co-owner in Queens New York.

[1qaz9106]

What is the name of your state? New York.

Good afternoon everyone, I have questions about selling my house in queens New York.
The house ownership is under me and my brother in law for 3 years. I plan to sell it and move to another city around 2025. He likes the house but he can’t afford to pay mortgage on his own so he might say no to me. So my concern is if my brother in law refuse to sell it then what legal action I could do to make him sign the sell contract because both of us need to sign.

In this case what is a good idea for I should do?

Thanks

 

[Zigner]

You can't force him to sell the house without a court order (partition). A partition action is expensive, likely time-consuming, and you will likely end up getting less for the house than if it is sold on the open market.

Have you considered selling your interest to your brother-in-law and carrying the note? That may not be the best choice, but it is an option.

 

[zddoodah]

The house ownership is under me and my brother in law for 3 years.

Why? Also, is this your spouse's brother or your sibling's spouse? Why is the title in your and your BIL's name but not also your or his spouse's name?

if my brother in law refuse to sell it then what legal action I could do to make him sign the sell contract because both of us need to sign.

Unless you had the foresight to make and sign a contract that gives you the right to demand his compliance (did you?), there is no such legal action you can take.

You could sue your BIL for something called "partition" -- essentially a court ordered forced sale. However, that will be expensive and likely will result in you getting less than fair market value in the sale. Since you're thinking about this ahead of time, I suggest you work on negotiating with your BIL.

 

[1qaz9106]

You can't force him to sell the house without a court order (partition). A partition action is expensive, likely time-consuming, and you will likely end up getting less for the house than if it is sold on the open market.

Have you considered selling your interest to your brother-in-law and carrying the note? That may not be the best choice, but it is an option.

He does not have enough money for it.

 

[1qaz9106]

Why? Also, is this your spouse's brother or your sibling's spouse? Why is the title in your and your BIL's name but not also your or his spouse's name?

This my wife’s younger brother. The title was under me and him because we paid for the house together.


Unless you had the foresight to make and sign a contract that gives you the right to demand his compliance (did you?), there is no such legal action you can take.
There was no contract between me and him. I didn’t think it will be hard to sell it. Now he likes the the house and make harder

You could sue your BIL for something called "partition" -- essentially a court ordered forced sale. However, that will be expensive and likely will result in you getting less than fair market value in the sale. Since you're thinking about this ahead of time, I suggest you work on negotiating with your BIL.

How much I need to pay lawyer for partition service.
And let’s say the fair market value is 1million . The partition will make it sell at 900k or even less?

 

[Zigner]

How much I need to pay lawyer for partition service.

Ask the lawyer.

And let’s say the fair market value is 1million . The partition will make it sell at 900k or even less?

Sorry - there's no way we could no know.

(This must be the other post that was mentioned )

 

[adjusterjack]

He likes the house but he can’t afford to pay mortgage on his own so he might say no to me.

Oh, for Pete's sake. Just tell him you want to sell and you'll need his signature and agreement to sell it and split the proceeds.

If he balks, print this out and show it to him.

The Partition Action in New York | Property Ownership | Civil Litigation (suffolklaw.com)

Explain that litigation could cost thousands in attorney fees and those fees get paid out of the proceeds after the property gets sold at auction, likely to investors with cash, at a price considerably less than market value.

If he still won't cooperate after that, you hire the lawyer and file the lawsuit. Once he talks to a lawyer and finds out what this could cost him, chances are that he will become cooperative.

 

[zddoodah]

How much I need to pay lawyer for partition service.

I don't know. Are you in Manhattan? Queens? Suffolk County? Capital District? Western NY? I imagine you could pay anywhere from $200-1,000 per hour depending on where the property is located.

And let’s say the fair market value is 1million . The partition will make it sell at 900k or even less?

Maybe.

Forced sales (which are often, but not always, conducted by auction) typically bring in less than FMV. No one here has the ability to predict the future.