Partition And Sale Of Property
How To Engage In Partitions For Sale Of Land Or Buildings
When two or more parties own a single piece of property, they have a joint interest in it. However, sometimes, for many different reasons, the two parties no longer wish to own property together or live together. When this happens, the parties need to get a partition, or division, of their property. While courts try to physically divide the property as the default option in partition cases, this is impractical for most types of buildings, whether residential or commercial. As a result, the most common type of property division is a partition by forced sale of the property.
A partition sale of property or partition sale of a home usually nets proceeds after the sale has been completed. Once the partition and sale of the property is completed, the owners will then divide the proceeds between them. There are two main ways to get a petition sale of real estate. The first way is a voluntary partition, which means that both parties agree to sell the property. A sale in lieu of partition can save the parties much litigation if they agree ahead of time that the property will be sold. However, even if the partition by sale is agreed upon by the owners, they will still need partition to sale attorneys to represent them and ensure that the real estate transactions are completed properly.
If you need to ask the court for partition by sale, you should speak with a real estate attorney who handles partitions by sale. A lawyer can help you file an action for partition and sale, and you can be on your way to receiving proceeds from your partition sale. In some instances, one of the parties may wish to purchase the property. If that party has the means of buying out the other owner at the partition sale, then they are able to do so, and must compensate the co-owner for half of their interest in what would be the proceeds of the sale.
The laws regarding partition sale of real estate vary depending on the state the property is located in. For more specific information about filing a petition for sale of real property or litigating division of property, please consult our state-specific pages. If you are the co-owner of a property that you no longer wish to share with the other owners, you should speak with an attorney about filing a petition to partition the property.