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 Guam Agreement, also known as the Guam Agreement by Co-Tenants Restricting Right of Partition, refers to a legal contract entered into by co-tenants that restricts their ability to individually partition or divide a property. This agreement is commonly used to maintain the ownership structure and prevent the fragmentation of a property among its co-tenants. Under the Guam Agreement, co-tenants agree to retain their joint ownership and limit their rights to initiate a partition action, which would otherwise allow them to sever their interests in the property. This contractual arrangement aims to promote stability, unity, and long-term cooperation among co-tenants regarding the use, management, and potential sale of the property. By creating a Guam Agreement, co-tenants can safeguard their investment in the property and ensure that it remains collectively owned. This legal instrument is regularly employed in various situations, such as family-owned properties, shared commercial spaces, or joint real estate investments. Different types of Guam Agreements may exist based on the specific provisions and restrictions agreed upon by the co-tenants. Here are a few variations: 1. Limited Transfer Agreement: This type of Guam Agreement may limit the co-tenants' ability to freely transfer their ownership interest to outside parties without the consent of the other co-tenants. 2. Right of First Refusal Agreement: In this agreement, co-tenants may grant each other the right of first refusal, requiring them to offer their share of the property for sale to the other co-tenants before entertaining offers from third parties. 3. Buyout Agreement: A buyout agreement within a Guam Agreement outlines a specific process and terms for one co-tenant to buy out the interests of the other co-tenants in the property. This agreement helps facilitate the smooth transition of ownership in case one co-tenant wishes to exit the arrangement. 4. Equal Ownership Agreement: Co-tenants may decide on an equal ownership agreement, where each co-tenant is entitled to an equal share of the property, irrespective of their respective initial investments. 5. Investment Protection Agreement: This type of Guam Agreement may provide co-tenants with provisions to protect their investments, such as requiring unanimous consent for any major alterations to the property or imposing restrictions on borrowing against the property. The Guam Agreement serves as a vital legal tool in promoting cooperation, establishing boundaries, and protecting the collective interests of co-tenants within a shared property. The specific terms and conditions of the agreement are tailored to the unique circumstances and needs of the co-tenants involved.The Guam Agreement, also known as the Guam Agreement by Co-Tenants Restricting Right of Partition, refers to a legal contract entered into by co-tenants that restricts their ability to individually partition or divide a property. This agreement is commonly used to maintain the ownership structure and prevent the fragmentation of a property among its co-tenants. Under the Guam Agreement, co-tenants agree to retain their joint ownership and limit their rights to initiate a partition action, which would otherwise allow them to sever their interests in the property. This contractual arrangement aims to promote stability, unity, and long-term cooperation among co-tenants regarding the use, management, and potential sale of the property. By creating a Guam Agreement, co-tenants can safeguard their investment in the property and ensure that it remains collectively owned. This legal instrument is regularly employed in various situations, such as family-owned properties, shared commercial spaces, or joint real estate investments. Different types of Guam Agreements may exist based on the specific provisions and restrictions agreed upon by the co-tenants. Here are a few variations: 1. Limited Transfer Agreement: This type of Guam Agreement may limit the co-tenants' ability to freely transfer their ownership interest to outside parties without the consent of the other co-tenants. 2. Right of First Refusal Agreement: In this agreement, co-tenants may grant each other the right of first refusal, requiring them to offer their share of the property for sale to the other co-tenants before entertaining offers from third parties. 3. Buyout Agreement: A buyout agreement within a Guam Agreement outlines a specific process and terms for one co-tenant to buy out the interests of the other co-tenants in the property. This agreement helps facilitate the smooth transition of ownership in case one co-tenant wishes to exit the arrangement. 4. Equal Ownership Agreement: Co-tenants may decide on an equal ownership agreement, where each co-tenant is entitled to an equal share of the property, irrespective of their respective initial investments. 5. Investment Protection Agreement: This type of Guam Agreement may provide co-tenants with provisions to protect their investments, such as requiring unanimous consent for any major alterations to the property or imposing restrictions on borrowing against the property. The Guam Agreement serves as a vital legal tool in promoting cooperation, establishing boundaries, and protecting the collective interests of co-tenants within a shared property. The specific terms and conditions of the agreement are tailored to the unique circumstances and needs of the co-tenants involved.
