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 New Mexico Agreement by Co-Tenants Restricting Right of Partition is a legal document which outlines the terms and conditions that co-tenants must abide by in order to restrict the right of partition, or the ability to divide or sell the property. This agreement is applicable in the state of New Mexico and aims to maintain the co-ownership of the property without the option of separation. Keywords: New Mexico, Agreement, Co-Tenants, Restricting, Right of Partition, legal document, terms and conditions, co-ownership, property, separation. There are several types of New Mexico Agreements by Co-Tenants Restricting Right of Partition. These variations may include: 1. General New Mexico Agreement by Co-Tenants Restricting Right of Partition: This is a standard agreement used by co-tenants in New Mexico to restrict their right to partition the property they co-own, emphasizing the importance of co-ownership and cooperation. 2. Residential New Mexico Agreement by Co-Tenants Restricting Right of Partition: This type of agreement specifically caters to co-tenants who jointly own residential properties in New Mexico, such as houses or apartments. It outlines the unique terms and conditions for preserving the co-ownership of residential real estate. 3. Commercial New Mexico Agreement by Co-Tenants Restricting Right of Partition: Designed for co-tenants who own commercial properties in New Mexico, this agreement focuses on the specific considerations and restrictions related to maintaining the co-ownership of commercial real estate. 4. Agricultural New Mexico Agreement by Co-Tenants Restricting Right of Partition: This agreement targets co-tenants who jointly own agricultural properties in New Mexico, such as farms or ranches. It addresses the specific requirements and limitations related to co-owning agricultural land. 5. Mixed-Use New Mexico Agreement by Co-Tenants Restricting Right of Partition: This type of agreement is used when co-tenants jointly own properties with mixed-use purposes, combining residential, commercial, or agricultural components. It provides guidelines and restrictions for maintaining co-ownership within this unique context. In all variations, the New Mexico Agreement by Co-Tenants Restricting Right of Partition functions as a legal safeguard to ensure that co-tenants understand and agree not to exercise their right to partition the property, promoting a stable and cooperative co-ownership arrangement.
