Legal Question in Real Estate Law in New Jersey
Sisterly Property Sale
I have a realty corporation that I am a shareholder along with my sister. One of the properties I intend to buy out of the corporation. The assesed value is $600,000 for the lot. There is a fence around the entire perimeter of the developed portion of the lot. Behind the fence (still part of the lot) is undeveloped woods. My sister wants to put a stipulation that once I buy the lot from the corp, if anyone ever wants to buy the back section of the property,and I subdivide it out to sell, I would have to split the income with her. Is that legal??? What if I ended up selling the lot and then the new owner decides to subdivide and sell??
1 Answer from Attorneys
Re: Sisterly Property Sale
You could do what your sister wants you to do. I do not see why you would; if you are paying the actual value for the real estate, and you then sell part for a profit, why would you give part of that profit to her?
You would be, in effect, making her entitled to a split of money that she would not work for, would not have any risk for. Is it legal? sure. Does it make sense?
Get a lawyer to help you do this, please.
If you would like, give me a call; I am in Hackensack (northern New Jersey). I will be happy to discuss
this with you; a brief telephone consultation will be free.
My contact information can be obtained from the links below, just click on the Attorney Profile link. Let my secretary know you found me through LawGuru.
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