Residential Real Estate: Purchase and Sale

A Certificate of Continued Occupancy (CCO) is a document that ensures that the property had been inspected for very basic safety requirements such as having working smoke detectors, and that the basement was not being illegally rented as an apartment. A CCO may be required by a municipality in order for a purchaser to legally take ownership of the property.

A Certificate of Occupancy (CO) is a document that indicates that the property may have passed a more stringent inspection; however, a CO is not a substitute for a CCO when a CCO is required by a municipality.

Fraudulent Concealment On the Part Of a Seller

The elements necessary to prove fraudulent concealment on the part of a seller in a real estate action are: the deliberate concealment or nondisclosure by the seller of a material fact or defect not readily observable to the purchaser, with the buyer relying upon the seller to his detriment. Proof of fraud must be by clear and convincing evidence. The burden to prove an omission was knowingly made with intent to defraud is upon the aggrieved party.

Partition

The remedy of equitable distribution provides a judicial division of marital property relative to the contributions of each spouse during the marriage, and is available only upon entry of a judgment of divorce. Equitable distribution is inapplicable in a matter involving unmarried parties, despite the extent of their cohabitation. However, joint venturers are entitled to seek a partition of their property when their joint enterprise comes to an end, irrespective of how title is formally held. Formal written agreements are not necessary for a joint enterprise to exist.

The equitable remedy of partition provides for equal division of joint property, including assets held by tenants in common. If one cotenant receives property with a value greater than his proportionate share, that cotenant will owe to the other cotenant an amount of money which would equalize the partition.

The method of partition is left to the trial court’s discretion in order to reach the most equitable allocation. Among the remedies available on partition — where other modes of relief are not practical — is a forced sale of the property and division of the net proceeds between the parties.

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To discuss your specific situation, please call me, Paul G. Kostro, Esq., to schedule an appointment: 908-232-6500 or Paul@Kostro.com

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