Legal Question in Real Estate Law in New York
6 owners, two will not pay taxes
There are six owners of a piece of land (100 acres). Two of the owners will not pay their share of the taxes. They say that they want the property to be sold, so that they can get their money and dissolve the partnership. If the other four cannot afford to buy them out, what are the consequences? Will the two that are not paying be in jeopardy of loosing ownership if they do not pay? Will this force the property to be sold? Thank you for your help!
2 Answers from Attorneys
Re: 6 owners, two will not pay taxes
There is no "automatic" loss of property to the two non paying "owners," nor to the four paying owners, if all obligations due on the property are paid.
The four "owners" or "partners" can and should pay all of the taxes, insurance and maintenance costs. The portion unpaid by the two other owners, will reduce their share or return, profit from the property.
If the two nonpayers wish and the "partnership" agreement permits, they may file for partition of the property to determine, what their share should or would be upon a sale, that may be ordered by the court.
Get a lawyer.
Good luck,
Phroska L. McAlister,Esq.
Re: 6 owners, two will not pay taxes
This is hard you say. You mention partnership, what does the partnership agreement call for if there is one? If there is none, is the property in the name of the 6 individuals or the partnership.
There are many questions here that need to be answered.
Feel free to contact me at 212-764-5428 if you have any questions that I might be able to briefly answer.
Good Luck
RRG
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