Brooklyn’s real estate market is commonly regarded as strong in both sales and appreciation potential due to the high demand for property in the area. However, all real estate transactions rely on contracts, and the terms involved can pose challenges and even result in legal disputes between the parties involved, whether they are landlords, tenants, or co-owners of the property.
While co-ownership of Brooklyn real estate is common, disagreements on whether to sell can cause substantial conflict. Our Brooklyn real estate contract dispute litigation lawyer could help resolve issues that may arise and lead to partition actions and other types of disagreements. Contact us today to schedule a consultation with a skilled real estate litigation attorney.
A partition action is a kind of real estate contract dispute involving co-owners who disagree on how to manage or dispose of their property. Often, these disputes are resolved by physically or legally dividing the property, sometimes by allowing one party to buy out another’s ownership share or selling the property and evenly splitting the proceeds. While these issues can be resolved through a negotiated settlement between the parties involved, a partition action places the decision in the hands of the court when the two sides cannot reach an agreement.
The court considers several factors regarding partition actions, including the overall value of the property, whether it can logically be split, the equities of each owner, and whether mediation can be used to resolve the issues to avoid litigation, particularly in cases where the dispute involves joint owners of an inherited property.
Some of the most common reasons an individual or entity might initiate or be the subject of a partition action include:
These are just instances for which a contract dispute between shared property owners might occur and lead to a partition action, and B.K. Robinson Law, P.C. could explain other reasons.
Our office can represent property owners in Brooklyn real estate contract disputes, and resolve the issues that often lead to partition actions. We use our understanding of contract law to help individuals understand their legal options and negotiate a settlement that benefits them. By gathering evidence and materials needed, drafting legal documents, and managing court-imposed deadlines for contract disputes.
Sharing ownership can make the dream of owning property a reality for many people in Brooklyn. However, where there are multiple owners, there are multiple opportunities for disputes. If you need guidance about a specific real estate contract conflict, whether a partition action is right for your situation, or a co-owner has initiated a partition action for your property, let our Brooklyn real estate contract dispute lawyer answer your litigation questions and help you determine your next steps. Contact B.K. Robinson Law, P.C. for a consultation today.