The Pennsylvania Agreement for the Partition and Division of Real Property is a legal document specifically designed for the state of Pennsylvania. This agreement is crucial when there is shared ownership or co-ownership of a real property and the involved parties wish to divide or partition it. It outlines the terms and conditions that govern the process of partitioning or dividing real estate, ensuring a fair and equitable distribution among the co-owners. The agreement typically includes details such as the identification of the property, the names and contact information of the co-owners, the agreed-upon method for partitioning (e.g., physical division, sale, or auction), and the distribution of proceeds if a sale is chosen. It also addresses potential disputes that may arise during the process and outlines the steps to be taken to resolve them, such as mediation or arbitration. There are different types of Pennsylvania agreements for the partition and division of real property, each tailored to specific circumstances: 1. Voluntary Partition Agreement: When the co-owners mutually agree to partition the property, they can enter into a voluntary partition agreement without any legal intervention. This type of agreement ensures a smooth and amicable division of the property as per the co-owners' preferences. 2. Judicial Partition Agreement: In cases where co-owners cannot reach a unanimous decision or dispute arises, a judicial partition agreement may be sought. This agreement is achieved through court action, and the court will appoint commissioners to oversee the partition process. 3. Partition by Sale Agreement: Sometimes, co-owners may decide that selling the property and dividing the proceeds is the most practical solution. In such cases, a partition by sale agreement is drafted to outline the terms and conditions of the sale, including the distribution of funds, expenses, and any outstanding debts associated with the property. Regardless of the type, it is essential for all co-owners to understand the Pennsylvania Agreement for the Partition and Division of Real Property thoroughly. Consulting legal professionals is highly advisable to ensure that the agreement complies with Pennsylvania's laws and protects the rights and interests of all involved parties.
Pennsylvania Agreement for the Partition and Division of Real Property
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Partition of Real Estate in Pennsylvania: When Property Owners Can't Agree. When co-owners of real property in Pennsylvania cannot agree on the management or sale of the property, Pennsylvania law gives any owner the right to request a ?partition? of the property.
Partition is the division of real or personal property between or among two or more co-owners, such as joint tenants or tenants-in-common. Partition is not a remedy available to owners who hold title as community property or quasi-community property.
Partition cases can take a few months to a few years to resolve depending on whether the case settles. Not all jointly owned property is resolved through partition actions. Properties subject to a marital divorce or a deceased's will are resolved through divorce court and orphan's court respectively.
Parties who jointly own acres of farmland, for example, can seek partition so that each winds up with an equal number of acres separately owned. Parties who own land have an absolute right to seek partition of the property unless that right has been restricted by law, written waiver, or a provision in a will.
A partition action generally takes a year, a half, and two years to reach trial. Sometimes we can do them in less time, but occasionally it takes longer. In addition to how complex discovery is, whether there are discovery disputes, and how the court schedules trials, other factors factor into it.
To legally ?partition? property means to bring a proceeding in court to force the physical division or sale of the property and division of the proceeds among the co owners. In certain cases it can be an absolute right of a co owner while in others it is contingent on various factors.
Typically, the easiest solution to these problems is to sell the family home and divide the proceeds equally amongst the heirs. So long as the property is not underwater in debt, selling the house will give each heir their share of the inheritance and prevent further squabbles.
A partition action generally takes a year, a half, and two years to reach trial. Sometimes we can do them in less time, but occasionally it takes longer.