Louisiana Act of Partition
Understanding this form
The Act of Partition is a legal document that facilitates the division of real property equally between co-owners. In this specific instance, it allows for a clear separation of ownership between a corporation and a married couple. This form is particularly useful when co-owners decide they no longer wish to hold property together and aim to ensure that each party receives their respective share in full and complete title.
Key parts of this document
- Identification of the co-owners involved in the partition.
- Description of the property being partitioned.
- Agreement of the parties on the division of property.
- Acceptance of full shares by each party.
- Execution of the partition in the presence of a notary public.
- Tax receipts ensuring that all taxes related to the property are paid.
Situations where this form applies
This form is generally used when multiple parties, such as a corporation and individuals, jointly own property and decide to divide it to avoid potential disputes. It is particularly applicable in situations where the co-owners wish to clearly define their separate shares, especially when the property has equal value and no additional financial consideration is involved.
Intended users of this form
- Co-owners of real property who want to establish clear and separate ownership.
- Corporations that hold property jointly with individuals.
- Married couples wishing to formally divide property they share with a third party.
- Any party looking to resolve ownership disputes amicably.
Steps to complete this form
- Identify all parties involved in the partition, including their respective Tax Identification Numbers.
- Provide a detailed description of the property that is being divided.
- Clearly specify the shares of property each party will receive.
- Include the date of the partition and signatures of all parties in front of a notary.
- Ensure all tax receipts are attached to confirm all taxes are paid.
Does this document require notarization?
Notarization is required for this form to take effect. Our online notarization service, powered by Notarize, lets you verify and sign documents remotely through an encrypted video session, available 24/7.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Avoid these common issues
- Not attaching the necessary tax receipts, which could invalidate the partition.
- Failing to provide complete and accurate descriptions of the property.
- Not including all co-ownersâ signatures, which can lead to disputes.
- Neglecting to consult a notary, which is essential for legal formalities.
Benefits of completing this form online
- Convenient access allows you to fill out the form at your own pace.
- Editable templates ensure you can customize details to fit your situation.
- Reliable legal forms drafted by licensed attorneys to meet your needs.
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FAQ
A suit for partition is filed in a Civil Court having jurisdiction over the area where the property is located. If there are several properties, the lawsuit can be filed in any one of the courts. The partition suit results in a decree which ends the joint nature of the property.
As a rule a Partition action will take about one year to get to trial from the time of filing the complaint. Most Partition actions settle along the way. Sometimes within a month sometimes on the eve of trial.
A partition deed is executed by co-owners The partition deed is required to be registered at the office of the sub-registrar of the place where the property is situated as in case of any other registration. The stamp duty payable in such a case is Rs 1,000 for each share of the property.
Can A Partition Be Stopped? Typically, a partition action cannot be stopped once a lawsuit is filed because anyone who wants to dissolve ownership that is jointly owned with another person has a legal right to sell his/her interest if desired.
How much does a partition action cost? In California, the cost of partition action and attorneys fees can vary greatly, depending on the complexity of the property and issues involved and the resistance of your opposing party. Attorney's fees can range from $20,000 to $100,000+ per party.
