Colorado General Form of Agreement to Partition Real Property
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How to fill out General Form Of Agreement To Partition Real Property?
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FAQ
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. Partition is not a remedy available to owners who hold title as community property or quasi-community property. This article focuses on the Partition of real property.
Partition action is the legal process by which a court is called upon to divide (or part) the equitable interest in real property amongst co-owners who can't unanimously decide on what to do with the asset.
A partition agreement may be an express statement that the right to partition is waived. It may also be evidenced by a right of first refusal where one co-tenant is required to offer the property for sale to another co-tenant as a condition precedent to an action for partition.
Land may also be partitioned into unequal parts due to the relative ownership shares of each joint owner. For example, if Party A has a 25 percent stake in the land and Party B has a 75 percent stake, Party A will receive a proportionally smaller or less valuable portion of the land than Party B.
A complaint for partition by sale can be granted whereby a court orders sale of a jointly owned property and all owners receive their corresponding shares. Physical division, or partition in kind, occurs when a property is divided so that each owner receives undivided interest in his or her own share of the land.
The initiating co-owner, also known as the plaintiff, will file a partition action complaint with the court. This document typically identifies the property, describes the nature of the plaintiff's ownership, lists all other co-owners (defendants), and states the request for the property to be partitioned.
For example, if a brother and sister jointly own inherited property from their parents, they might agree to a partition by appraisal. In that instance, they agree in advance that one of them would buy the other's interest at whatever the appraised price is determined to be.
A partition suit is an effective remedy for resolving real estate ownership disputes, particularly ones in which co-owners cannot agree on whether to sell or keep a piece of property.