An action for partition usually arises when there is a dispute as to how to divide property, or in a dispute as to whether property should be sold. One co-owner of real property can file to get a court order requiring the sale of the property and division of the profits, or division of the land between the co-owners, which is often a practical impossibility. Normally, a partition order provides for an appraisal of the total property, which sets the price for one of the parties to buy out the other's half.
This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
The California Agreement by Co-Tenants Restricting Right of Partition is a legal document that outlines the agreement and restrictions between co-tenants regarding the division or partition of a property. This type of agreement is used by co-owners of a property who wish to maintain the property as a whole rather than dividing it. In California, there are a few different types of agreements that fall under the category of Co-Tenants Restricting Right of Partition: 1. Partition Waiver Agreement: This agreement states that the co-tenants agree not to pursue a partition action, which is a legal process to force the sale or division of a property. The co-tenants are bound by this agreement, and it remains in effect until the property is sold or the agreement is mutually amended. 2. Tenancy-in-Common Agreement: This agreement outlines the rights and responsibilities of co-tenants who own a property as tenants in common. It may include provisions that restrict the right of partition, such as requiring a certain percentage of co-tenants to agree before a partition action can be pursued. 3. Co-Ownership Agreement: This agreement governs the terms of co-tenancy and may include provisions related to the restriction of partition. It outlines the rights and obligations of each co-tenant, the division of expenses, and the process for resolving conflicts or making decisions regarding the property. 4. Joint Tenancy Agreement: In a joint tenancy, co-tenants have the right of survivorship, meaning that if one co-tenant passes away, their share automatically goes to the surviving co-tenants. However, a joint tenancy agreement can also include provisions that restrict the right of partition, maintaining the property's integrity. The purpose of these agreements is to provide co-tenants with a legally binding framework to protect their interests in the property and prevent forced division or sale. By explicitly restricting the right to partition, co-tenants can maintain the property under their joint ownership, preserving its value and benefiting from potential future appreciation. It's important to note that these agreements should be drafted with the assistance of a qualified attorney to ensure they comply with California laws and meet the specific needs and intentions of the co-tenants.
