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A partition involves breaking up the legal ownership of the property so that each 'co-owner' is the sole owner of a defined portion of the land.In this case, the Court will order the sale of the whole property.
A partition deed is executed by co-owners In case a partition is by mutual consent, a partition deed is executed by the co-owners. The partition deed is required to be registered at the office of the sub-registrar of the place where the property is situated as in case of any other registration.
A California partition action happens when one co-owner of real property wants to sell but other co-owners do not want to sell their ownership rights. Partition means division. The opposing co-owners have the absolute right by law to divide the property and sell their portion with the legal remedy of Partition.
A petition for partition can take 6 months to one year if ordered sold at the courthouse. The parties can always decide to sell through a realtor and the time will depend on when a buyer makes the offer.
Partition by sale is accomplished by selling the entire property and dividing the proceeds equitably among the owners.However, before forcing an unwanted sale, the court can order or permit one of the co-owners to purchase the interest of the remaining co-owner(s) for fair market value.
Partitioning is a division in real or personal property between co-owners.Partition in Kind (also known as Actual Partition) occurs simply when the property is divided, equitably and fairly, between the multiple owners. Each co-owner will own a certain percentage of the property.