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.
An Ohio Agreement by Co-Tenants Restricting Right of Partition is a legally binding contract between co-tenants, typically individuals who jointly own a property in Ohio, that limits or restricts the right to seek partition of the property. This agreement is designed to prevent or delay the division or sale of the property, even if one or more co-tenants desire to take such action. Keywords: Ohio, Agreement, Co-Tenants, Restricting, Right of Partition, Property, Division, Sale. There are various types of Ohio Agreements by Co-Tenants Restricting Right of Partition, including: 1. Non-Partition Agreement: This type of agreement prohibits any co-tenant from filing a partition action in court, essentially binding all co-tenants to maintain joint ownership of the property. This could be beneficial for co-tenants who wish to preserve the property for future generations or maintain a family property. 2. Delayed Partition Agreement: This type of agreement allows co-tenants to postpone the partition of the property for a specified period. It offers flexibility and is often used when co-tenants want to retain joint ownership until certain conditions are met, such as waiting for the real estate market to improve or for the property's value to increase. 3. Buyout Option Agreement: In this type of agreement, co-tenants may agree to grant a specific co-tenant the right to purchase the property outright from the remaining co-tenants. This arrangement can be useful when there is a significant imbalance in ownership interests or when one co-tenant wishes to exit the ownership arrangement. 4. Right of First Refusal Agreement: Co-tenants who enter into this type of agreement give each other the first opportunity to purchase another co-tenant's share in the property before it can be offered to an outside buyer. This ensures that the property remains within the existing group of co-tenants and can help maintain the stability of the ownership arrangement. 5. Specific Use Restriction Agreement: This agreement allows co-tenants to limit the use or development of the property. For example, they may agree not to sell or build on certain portions of the property, preserving it for recreational purposes or environmental conservation. Such restrictions can help protect the property's unique features and ensure its longevity. Overall, an Ohio Agreement by Co-Tenants Restricting Right of Partition provides co-tenants with the ability to control the future of their shared property and maintain their joint ownership. These agreements effectively balance the interests of individual co-tenants while ensuring the stability and preservation of the property.An Ohio Agreement by Co-Tenants Restricting Right of Partition is a legally binding contract between co-tenants, typically individuals who jointly own a property in Ohio, that limits or restricts the right to seek partition of the property. This agreement is designed to prevent or delay the division or sale of the property, even if one or more co-tenants desire to take such action. Keywords: Ohio, Agreement, Co-Tenants, Restricting, Right of Partition, Property, Division, Sale. There are various types of Ohio Agreements by Co-Tenants Restricting Right of Partition, including: 1. Non-Partition Agreement: This type of agreement prohibits any co-tenant from filing a partition action in court, essentially binding all co-tenants to maintain joint ownership of the property. This could be beneficial for co-tenants who wish to preserve the property for future generations or maintain a family property. 2. Delayed Partition Agreement: This type of agreement allows co-tenants to postpone the partition of the property for a specified period. It offers flexibility and is often used when co-tenants want to retain joint ownership until certain conditions are met, such as waiting for the real estate market to improve or for the property's value to increase. 3. Buyout Option Agreement: In this type of agreement, co-tenants may agree to grant a specific co-tenant the right to purchase the property outright from the remaining co-tenants. This arrangement can be useful when there is a significant imbalance in ownership interests or when one co-tenant wishes to exit the ownership arrangement. 4. Right of First Refusal Agreement: Co-tenants who enter into this type of agreement give each other the first opportunity to purchase another co-tenant's share in the property before it can be offered to an outside buyer. This ensures that the property remains within the existing group of co-tenants and can help maintain the stability of the ownership arrangement. 5. Specific Use Restriction Agreement: This agreement allows co-tenants to limit the use or development of the property. For example, they may agree not to sell or build on certain portions of the property, preserving it for recreational purposes or environmental conservation. Such restrictions can help protect the property's unique features and ensure its longevity. Overall, an Ohio Agreement by Co-Tenants Restricting Right of Partition provides co-tenants with the ability to control the future of their shared property and maintain their joint ownership. These agreements effectively balance the interests of individual co-tenants while ensuring the stability and preservation of the property.
