A partition action is a lawsuit concerning joint owners of real property. If two or more owners are unable to come to an agreement on the nature of the property, either owner can legally file a partition action in court. This guide will provide you with everything you need to know about partition matters in regard to real property. You can also read more here.
Types of Partitions
A partition action is a solution to resolve matters between two parties raising a dispute about the real property in question. There are two primary types of partitions within real estate: actual partition and partition by licitation or succession. An actual partition slashes the interest in question if it is owned by more than two people. The property is then distributed among each person, which means it is actually smaller than the total amount when owned jointly. This is considered a simple type of partition and is commonly used in the courts. Even though the involved parties may not be satisfied with a smaller portion, they may be open to the resolution.
Licitation partitions, on the other hand, occur when the property is sold as a whole. The involved parties are then given all proceeds. This partition only occurs when the actual partition is not easy to complete or if the parties are unable to agree on a solution. This type of partition is commonly seen in cases where small buildings or other items are involved and cannot be equally split. The best solution may be to sell the lot, which could then result in all parties receiving the proceeds. These proceeds can then be used to buy property or land.
How to Win a Partition Action
The key to winning a partition action is to prepare as much as you can beforehand. The best thing to do is to organize all necessary documents. Here are some other tips to help you win a partition action:
- Organization: Staying organized is a great way to show proof that you own a business or land. The best way to organize your documents is to create a filing system and label everything accordingly.
- Communicate: Communicating with co-owners is a great way to ensure everyone has an understanding of expectations.
- Keep your bases covered: Property and business owners should always keep their bases covered. This includes your responsibilities with co-owners and agreements.
- Consult with an attorney: Schedule a consultation with an attorney who has experience in estate law, or real estate. They can help you make the best decision to meet your goals.
Partitions are unable to be stopped once a lawsuit has been filed. Furthermore, any party who shares joint ownership has the legal right to sell their interest if they wish. If you are on the other side of the lawsuit and would rather not break up the property, you have some options available to either prevent or slow down the progression of a forced sale.
You can buy out the interests of the other party who shares ownership, if possible. You can also go over the contract to check for a waiver of the right to partition. Other options include making sure that no breach of contract has occurred between either party and checking deeds to ensure all parties have ownership of the interest in question.
The best way to win a partition action is to have a strong defense on your side.