Partition – Legal Options in Real Property Ownership Disputes

Partition – Legal Options in Real Property Ownership Disputes

Whenever real property is owned by two or more individuals (who are not married), the question sometimes presents itself: “I don’t want to own this property anymore, or I don’t want to own this property with a certain individual - What do I do?”

There are a few obvious simple options to try first. Initially, the easiest option is for the property owners to agree to market and sell the property to another individual and divide the proceeds. The property owners may also agree to a buyout, in which one of the owners would purchase another owner’s interest in the property. This option is particularly desirable if one owner wishes to keep the property and is financially able to affect a buyout. A third option is for an owner to sell and/or transfer their interest in the property to another individual. In reality, this option is very unlikely to succeed as individuals rarely are willing to purchase a partial interest in real property and enter into a co-ownership relationship with an unknown individual.

Continue reading
  8469 Hits
  0 Comments
8469 Hits
0 Comments

Latest Posts

February 02, 2024
News
Here are some of the most significant employment law updates for 2024. Minimum WageThe minimum wage for all California employees has again increased. For all employers, the minimum wage has increased ...
January 27, 2023
News
Here are some of the most significant employment law updates for 2023. Minimum Wage The minimum wage for all California employees has again increased. For all employers, the minimum wage has increased...
January 11, 2022
News
Here are some of the most significant employment law updates for 2022. Minimum Wage The minimum wage for all California employees has increased. For employers with 26 or more employees, it has increas...