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 Oregon Agreement by Co-Tenants Restricting Right of Partition is a legal document that co-owners of a property in Oregon can enter into to limit or restrict their rights to divide or sell their share of the property individually. This agreement is often used to ensure the property remains intact or to protect the interests of all co-tenants involved. It provides a framework for co-tenants to define the conditions under which a partition can be pursued, including agreeing on specific circumstances, such as a minimum period of ownership or specific triggers for a partition. There are different types of Oregon Agreement by Co-Tenants Restricting Right of Partition that can be tailored to the unique circumstances of each co-tenancy. The most common types include: 1. Unilateral Agreement: In this type of agreement, one co-tenant restricts their own right to partition without the need for unanimous agreement from the other co-tenants. This can provide more flexibility if one owner desires to sell or divide their share while respecting the wishes of the remaining co-tenants. 2. Mutual Agreement: This type of agreement requires all co-tenants to agree unanimously before any partition can occur. It ensures that the property remains intact until all parties are ready to pursue a divide or sale. This agreement is often used when all co-tenants have equal shares and want to protect their collective interests. 3. Triggered Agreement: This type of agreement includes specific triggers that allow for a partition to be initiated under certain circumstances. These triggers could involve financial factors, such as a significant increase in property value, or personal circumstances that may necessitate a divide or sale. The triggers are agreed upon by all co-tenants and provide a predefined process for initiating a partition. The Oregon Agreement by Co-Tenants Restricting Right of Partition can be a valuable tool for co-owners to maintain control over the fate of their shared property. It enables them to protect their investments and interests while ensuring that any potential divisions or sales are carefully considered and agreed upon. It is crucial for co-tenants to consult legal professionals to draft an agreement that accurately reflects their intentions and abides by Oregon state laws.
