Your Guide to Real Estate Partition Law
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What Is Real Estate Partition Law?
If you have questions about real estate partition issues, attorneys from Perigon Legal Services can provide guidance and advice. Contact us today!
Although you may not have heard of it by name, partition law is not a niche subject reserved for legal professionals only. Anyone who owns or inherits a part of a property can find themselves needing to know about partition law.
This area of law deals with dividing property between two or more owners. It can be a headache for anyone dealing with inheritance, divorce, and many other situations where one person may own a significantly greater proportion of an asset than another individual.
Originally based on English common law, partition law has now been adopted by many states. It governs the distribution of real estate among co-owners. It is particularly beneficial when the co-owners cannot decide how or whether to divide the property in question.
A reputable real estate litigation attorney from Perigon Legal Services can provide additional information and resources.
What Is Partition in Real Estate Law?
When inherited property is jointly owned, it can be an ongoing nightmare, especially if the parties involved disagree on its use or otherwise dislike each other. The property owners and other interested parties may find that attorney’s fees and other expenses make it impossible to retain the property. Partition is the legal process of dividing either the real property or the fair market value after the forced sale of the property.
What Is the Procedure for Partition of Property?
Who Pays for Real Estate Partition Action?
How to Stop a Real Estate Partition
How to Win a Real Estate Partition Action?
Winning a real estate partition action depends on whether the owners wish to sell the property or want to stop its sale.
If you’d like to sell your property, one way to do this is by pressuring a voluntary sale with the local council or by obtaining a court order for sale. However, if you want to halt a sale, you should either convince the other owner to cease the partition action or offer a buyout.
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