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.
Missouri Agreement by Co-Tenants Restricting Right of Partition: A Missouri Agreement by Co-Tenants Restricting Right of Partition is a legal document that is designed to restrict or limit the ability of co-owners (co-tenants) to request a partition of jointly-owned property in the state of Missouri. This agreement is typically entered into voluntarily by all co-tenants and aims to maintain the status quo and prevent the division or sale of the property. Co-tenancy refers to a situation where multiple individuals or entities hold an undivided interest in a property, often through inheritance, partnership, or joint purchase. While co-tenants have the right to partition the property, which involves the division or sale of the property to separate their ownership interests, an Agreement by Co-Tenants Restricting Right of Partition can limit this right. This agreement is particularly useful in situations where co-tenants wish to maintain the integrity of the property, such as in the case of a family estate, a vacation property, or a jointly-owned business property. By restricting the right of partition, co-tenants can ensure the property remains intact and its value is preserved over time. Key provisions typically included in a Missouri Agreement by Co-Tenants Restricting Right of Partition may include: 1. Duration: The agreement may specify a specific time period during which the restriction on partition remains in effect. Alternatively, it can provide for an indefinite restriction that continues until all co-tenants agree to remove it. 2. Consent Requirement: The agreement may require the unanimous consent of all co-tenants before partition proceedings can be initiated. This ensures that no individual co-tenant can unilaterally disrupt the status quo. 3. Mediation or Arbitration: The agreement may require the co-tenants to engage in mediation or arbitration before pursuing partition litigation. This encourages cooperative conflict resolution before resorting to legal action. 4. Transfer Restrictions: The agreement may prohibit or restrict the transfer of a co-tenant's ownership interest without the consent of all other co-tenants. This prevents outside parties from gaining ownership rights and potentially influencing the partition decision. Different types of Missouri Agreements by Co-Tenants Restricting Right of Partition may include: 1. Limited Duration Agreement: This type of agreement may restrict the right of partition for a specific time period. For example, co-tenants may agree to maintain the property as a family vacation home for the next 20 years. 2. Permanent Restriction Agreement: In this case, the agreement contains a clause that indefinitely restricts the right of partition. The co-tenants commit to keeping the property intact until all parties agree to remove the restriction. 3. Majority Consent Agreement: This agreement requires the consent of a majority of co-tenants, rather than unanimous consent, before partition proceedings can be initiated. This type of agreement allows for a more flexible approach while still ensuring the majority's voice is heard. In conclusion, a Missouri Agreement by Co-Tenants Restricting Right of Partition is a legal document that allows co-tenants to voluntarily restrict or limit their right to partition jointly-owned property. It can be an effective tool to maintain the status quo and preserve the value and integrity of the property over time.
