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 North Carolina Agreement by Co-Tenants Restricting Right of Partition, also known as a Partition Agreement, is a legally binding contract entered into by co-owners of real property, commonly referred to as co-tenants or joint tenants. This agreement serves the purpose of restricting the right of partition, which is the right to divide and sell an individual co-owner's interested in the property. In North Carolina, co-tenants have the statutory right to partition, allowing them to seek a judicial sale of the property to divide the proceeds among themselves. However, the North Carolina Agreement by Co-Tenants Restricting Right of Partition permits co-tenants to waive or limit this statutory right. There are different types of North Carolina Agreement by Co-Tenants Restricting Right of Partition, including: 1. Waiver of Right of Partition: This agreement completely waives the right of partition for a specified period or permanently. Co-tenants opt to maintain the shared ownership of the property without the ability to force a division or sale. 2. Limited Right of Partition: This type of agreement allows co-tenants to partition the property under specific circumstances or conditions outlined in the agreement. For example, it may require a mutual agreement among co-tenants, a minimum holding period, or an occurrence of certain events. 3. Buyout Option: Co-tenants may include a buyout provision in the agreement, allowing one co-tenant to buy out the interests of other co-tenants. This provision stipulates the process, terms, and conditions for the buyout, such as valuation methods and payment terms. 4. Right of First Refusal: In this agreement, co-tenants grant each other the right of first refusal before selling or transferring their interests to a third party. This provision allows co-tenants to maintain the property's ownership within the group. 5. Mediation or Arbitration Clause: Some agreements include a clause specifying that any disputes or conflicts arising from the agreement will be resolved through mediation or arbitration, rather than litigation. It is important for co-tenants to consult with an attorney when drafting and executing a North Carolina Agreement by Co-Tenants Restricting Right of Partition to ensure compliance with state laws and the specific needs and intentions of the co-owners involved.
