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1200 Civil Action Forms
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Agreement for the Partition and Division of Real Property

Sample Partition Agreement With Sale In King

Category:

Civil Actions - Partitions

State:

Multi-State

County:

King

Control #:

US-00410

Format:

Instant download

Description

The Sample Partition Agreement with Sale in King is a legal document designed for co-owners of real estate to facilitate the voluntary partition and division of a property. This form outlines the property details, establishes that co-owners are the sole owners, and defines how the property will be divided among them, including specific tracts designated for each co-owner. Additionally, the document includes provisions for executing quitclaim deeds to finalize the property division. It emphasizes that, post-division, the property will be owned separately, and all claims to the divided property are released. This form is essential for attorneys, partners, owners, associates, paralegals, and legal assistants involved in property law, as it provides a clear and structured approach to property division disputes or agreements. Users must fill in their names, property details, and other relevant information as dictated within the form to ensure legality and clarity. The agreement is also complemented by notary acknowledgment sections, which add authenticity to the execution process.

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FAQ

Partition is a legal action recognized in New Jersey that allows for dividing real estate owned by two or more people. Real property held by co-owners as tenants in common or joint tenants (but not by spouses as tenants by the entirety or by N.J. registered domestic partners) may be partitioned.

The owner who no longer wants ownership of the property can ask the court to force a sale in lieu of partition. Rather than continuing to co-own the property, the court can force the owners to put the house up for sale.

You may represent yourself if your claim is for less than $5,000 or if it is between $5,000 and $20,000. However, in the Special Civil Part-Civil, procedures are more formal. Therefore, many people use an attorney to represent them in that section.

The length of a partition action can vary depending on the complexity of the case and whether the co-owners are able to reach an agreement. In general as with any litigation, the process can take several months to a year or more.

The first step in a real estate partition is to file a partition action lawsuit in the Chancery Division of the County Superior Court where the property is located. All of the co-owners must be named along with anyone with present or future interests in the property.

On the death of one of 2 joint tenants, the survivor becomes the sole owner; on the death of one of 3 or more joint tenants, the survivors are joint tenants of the entire interest.

In short, to force the sale of jointly owned property, you must first confirm title, then attempt a voluntary sale or buyout, file and serve a partition lawsuit, get an appraisal, sell the property, and finally divide the sale proceeds fairly.

In Wisconsin, every co-owner who no longer wishes to own their interest in the real estate has a right to partition their interest in the property, no matter what ownership percentage of the property they own. Chapter 842 of the Wisconsin Statutes governs the partition of real estate in Wisconsin.

Partition by Sale: Partition by sale occurs when the entire property is sold, and the proceeds of that sale are split between the owners ing to their proportional interest in the property. So, if co-owner A owns a 20% interest in the property, he or she should get 20% of the net proceeds.