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.
Maine Agreement by Co-Tenants Restricting Right of Partition is a legally binding contract entered into by co-tenants in the state of Maine. This agreement aims to restrict the right of partition, which refers to the legal right of a co-tenant to seek the division or sale of jointly owned property. By entering into this agreement, co-tenants can establish specific provisions and restrictions to prevent the partition of the property. The Maine Agreement by Co-Tenants Restricting Right of Partition can be categorized into different types based on their purpose and scope. Some common types include: 1. Perpetual Agreement: This type of agreement imposes a permanent restriction on the right of partition. It means that the co-tenants cannot seek the division or sale of the property at any time in the future. However, certain exceptions may exist, such as in cases of extreme hardship or consent from all co-tenants. 2. Term Agreement: In contrast to the perpetual agreement, a term agreement restricts the right of partition for a specified duration. Co-tenants may agree to restrict partition for a fixed number of years or until specific conditions are met. Once the agreed-upon term expires, co-tenants may have the option to seek partition if desired. 3. Conditional Agreement: This type of agreement imposes restrictions on the right of partition subject to specific conditions being met. For example, co-tenants may agree that partition can only be sought if all parties have reached a certain age, if certain financial circumstances arise, or if a particular event occurs. 4. Court Approval Agreement: Some co-tenants may opt to include a provision in the agreement that requires judicial approval for partition. This means that a co-tenant cannot initiate partition without first obtaining permission from the court. This provision aims to prevent arbitrary or unjustified partition requests and promotes fair consideration of all parties involved. Regardless of the specific type, a Maine Agreement by Co-Tenants Restricting Right of Partition must comply with the legal requirements and be executed voluntarily by all co-tenants involved. It is essential to consult a qualified attorney to draft and review such agreements, ensuring they are legally sound and tailored to meet the unique needs and circumstances of the co-tenants.
