Considering real estate expenses, it’s not unusual for multiple people to own a single
piece of property. However, disagreements may arise when one owner wants to sell the property. These disagreements may be solved through a partition action.
Corey Beck is a real estate attorney who can help you through a partition action.
Contact him when you are looking for a partition action attorney near me.
A partition action is a legal process that divides equitable ownership of a real property. It helps solve disagreements among joint property owners when one is looking to sell. The action is essentially a civil lawsuit brought by the owners who want to sell against the owners who don’t want to sell.
Different types of partition actions may apply depending on the real estate in question.
They include:
among multiple owners. Properties like homes and buildings are difficult to
divide, so this type of partition action typically applies to empty or raw land. The judge will determine how the land is divided.
willing to maintain ownership of the property. The willing owner will buy out the
other at a price determined by a court-appointed, third-party appraiser.
Anyone who owns property can seek partition action. It is not a privilege; it is a legal
right.
Partition action may occur when two siblings inherit a family property. One sibling might want to sell the property. The other sibling might want to keep it and live in it.
If the two can’t agree, the sibling who wants to sell will seek the help of a partition
lawyer. The case will be heard by a judge who will decide what to do with the property.
A partition action begins when the owner wanting to sell files a complaint. The other
owner will be alerted of the partition action and may decide to settle out of court.
However, if a settlement can’t be reached, the case will go to court, and the judge will
make the final decision.
A judge may assign a partition referee to assist with the case. The referee will handle
the asset while the case is active. They will ensure the property is maintained and
collect rental payments if necessary.
They will also handle the property sale ensuring it is sold following court instructions.
The referee will negotiate the sale and ensure proceeds are evenly distributed among the owners. They can also change the locks if one owner is uncooperative.
Meanwhile, in court, the judge and lawyers will look over relevant documents like the
grant deed, trust deed, and liens against the property, if necessary. Both owners will
state their cases. However, most partition actions end in a forced sale or a physical
division of the property.
Partition actions are expensive considering filing and legal fees. Depending on the
complexity of the case, it can cost anywhere from $20,000 to $100,000 per party. Most
cases are settled out of court to avoid expenses.
Partition actions are lengthy processes that typically take one to two years. The length varies depending on funding, court schedules, discovery, and bureaucratic processes. The drawn-out process is another reason these disputes should be settled out of court.
Partition actions can rarely be stopped. In rare instances, fraud or duress can end a
partition action. However, the case will usually continue until a decision is made.
An exception can apply if the parties decide to settle outside of court and drop the case.
Yes, it may seem unfair, but the judge can force an owner to sell their property once a partition action is brought. The court will then decide on a selling price and divide the proceeds among the two owners.
However, the party that did not want to sell may have some recourse in getting the
property back. They can buy out the co-owners after the case is ruled. They can also
avoid court and work out a similar agreement through a settlement.
A partition action is expensive and time-consuming. Fortunately, there are alternatives including the following:
wishes to sell. If the buying owner doesn’t have enough money to cover the cost upfront, they can work out an agreement to pay it off over time with interest.
ways, but they generally aim to make both owners happy. For example, if the
owners are siblings inheriting property from their parents, the owner wishing to
sell may agree to let their sibling keep the property in return for another valuable inherited asset.
Partition lawsuits are important in that they help resolve real estate issues that have
reached a stalemate. However, an out-of-court settlement saves time and money. It may be the better solution.
The Law Offices of Corey Beck can assist with any legal real estate issues you face. We offer experienced legal assistance to businesses, families, and individuals throughout Nevada. Our team can solve disputes ensuring the best possible outcome. Contact us the next time you need a real estate attorney near me.
