Partition of Real Estate
Partition is a legal action in which a co-owner of real property files a lawsuit in order to obtain a court order forcing one or more of the following:
• Sale of the real estate
• Division of the property, and/or
• Division of the profits from the property.
Generally, a partition order by the court provides for an appraisal of the property which establishes either the sale price of the property or the price at which one co-owner can purchase the interest of another co-owner.
Partition suits or actions rarely result in court trials. Partition suits usually result in forcing the co-owners to either voluntarily sell the property or work out a purchase sale between them.
Partition actions are most common in the following situations:
• Property is inherited by people having different objectives. One wants to sell while the other wants to retain the property
• Partnership disputes including Palimony-Marvin Claims
• Corporate dissolutions
• Destruction of a condominium building or other co-owned building (by fire, earthquake, landslide, mudslide, or otherwise) where the issue of reconstruction is at issue.
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