Legal Question in Real Estate Law in New Jersey
What is proper process / forms for sale of partial interest in real estate? One party with 50% ownership wants to sell their interest.
2 Answers from Attorneys
If I understand your question the documents you need on a partial sale are the sane dicuments you need on a full sale. Namely a deed, affadavit of consideration, sellers residency certification affadavit of title and a title search.
Take into account that it may not be a good idea - unless this is a sale between co-owners, generally no one wants to buy a partial interest in real estate. It cannot be covered by title insurance, no lender would give a mortgage on it, and if the co-owners disagree about what to do with the property, they will have to go to court, at substantial cost and time and ultimate reduced proceeds to each of them.
THIS RESPONSE IS NOT LEGAL ADVICE, SINCE I DO NOT HAVE ALL OF THE INFORMATION THAT WOULD BE REQUIRED, AND I DO NOT HAVE A REPRESENTATION AGREEMENT WITH YOU.
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