Detailed Answer
In New Jersey, any co-owner of real estate may file a partition action under N.J.S.A. 2A:42-1 et seq.. When you inherit property with your siblings as tenants in common, each person holds an undivided share. A partition lawsuit can force a judicial sale or physical division. However, you can often avoid court by negotiating a voluntary agreement.
Start by discussing each party’s goals. Determine whether everyone wants to keep the home, sell it, or have one or more siblings cash out. If one sibling wishes to exit, agree on a buyout price based on an independent appraisal. To finalize, draft a written agreement—such as a mutual release or buy-sell agreement—and record any necessary deeds.
Often, mediation or collaborative negotiation helps maintain family relationships and reduce costs. A licensed real estate attorney can prepare the documents and ensure compliance with New Jersey recording requirements. If negotiations fail, any sibling may still file a partition action. Courts then appoint commissioners to value the property, sell it, and divide proceeds according to ownership shares.
Helpful Hints
- Clarify each sibling’s objectives before negotiating.
- Obtain an independent appraisal to set a fair market value.
- Use mediation to resolve disputes and preserve relationships.
- Document all agreements in writing and record deeds promptly.
- Consult a qualified New Jersey attorney for drafting and recording.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. Consult a licensed attorney to address your specific situation.