Partition Agreement Template
Description Partition Agreement Sample
How to fill out Agreement Real Property?
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Partition is the division of real or personal property between or among two or more co-owners, such as joint tenants or tenants-in-common.A Partition By Sale allows a co-owner of real property to force a sale of the entire property despite the unwillingness of any co-owner.
A court-ordered sale or physical division of property, usually real estate, that's owned by more than one person as tenants in common or joint tenancy. Any co-owner has the right to demand a partition.
A California partition action happens when one co-owner of real property wants to sell but other co-owners do not want to sell their ownership rights. Partition means division. The opposing co-owners have the absolute right by law to divide the property and sell their portion with the legal remedy of Partition.
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.
To legally partition property means to bring a proceeding in court to force the physical division or sale of the property and division of the proceeds among the co owners.The right to partition can be waived if the correct agreement is executed.
A partition action allows a co-owner of a property to force a sale of the property, so they can take their share of the proceeds. However, in some cases, the other co-owners may not want to sell the property. While it's very difficult, legally, to stop a partition action there are alternatives.
Partition by sale is accomplished by selling the entire property and dividing the proceeds equitably among the owners.However, before forcing an unwanted sale, the court can order or permit one of the co-owners to purchase the interest of the remaining co-owner(s) for fair market value.
Because real estate can rarely be physically divided, the Court typically orders the property be sold and the proceeds divided equitably between the owners. Reaching an agreement regarding the co-owners' respective interests in the property is generally the sticking point.