Real Estate Partition
What Is A Partition Of Real Property?
A partition of real property occurs when there are multiple owners of a piece of land or building, and the owners no longer wish to co-own the property. When this happens, they must seek a partition of real estate. When most people think of “property,” they imagine a piece of land with a home on it. However, there are many different types of property, such as personal property, financial property, and intellectual property. All of these can be owned by multiple individuals, and sometimes they must be divided. Real property, however, only concerns land and buildings. A real property parcel can be a tract of land, a piece of land with a building on it, or a building without the underlying land, such as a condominium. All of these types of real property require a partition action of real estate to divide them.
There are several different ways to seek a real estate partition. Partitioning real estate can occur voluntarily or by court order. When a real estate partition is voluntary, the parties work out a contract for the partition of real estate. When the partition is by court order, it is the result of lengthy litigation for the partition of real estate. When filing a complaint for the partition of real estate, the petitioner must explain the ownership of the property, why the two no longer wish to or are no longer able to co-own the property, and must ask that the court either divide the property or partition the real estate by sale.
In real property, a suit for partition of real estate occurs often. These lawsuits can be lengthy and drawn-out, depending on the parties. Many individuals who are disputing ownership of real property can be stubborn and take the issues personally, leading to unreasonable stalling of the proceedings. If you are seeking to file a partition action in real estate, you need an attorney who understands the complications that face property owners. Many partition actions for real property have underlying issues that can complicate the matter. These issues include problems with mortgagors, issues with title and liens, or estate administration and family law issues. When property is owned by two people, it is usually the result of the property being purchased during a relationship that has now soured, or two family members inheriting the same piece of property jointly. These issues can be thorny at best, and without a good attorney, you can be taken advantage of or pressured to agree to a partition that is not in your best interest.