What’s Real Estate Partitioning and When Is It Necessary
The partition act solves real estate problems by defining ideal structures for handling common disputes. This act comes into play when two or more parties own a common piece of land, but one of the parties wants to sell it. It is common among families with real estate in their will or when couples divorce.
The act helps co-owners with different opinions on property management issues like selling. In Florida, any owners are eligible for partition actions against the other parties, forcing a sale or division of the land. It would be best to consult a legal professional to understand the Florida partition process better.
Partition Action Explained
In real estate, partition generally means having the court force the physical division of property or proceeds from the sale. It’s distributed between the co-owners according to the ownership percentage of each. Mostly, partition actions start when one party in a jointly-owned property decides to terminate the common interest they all share.
The partitioning procedure forces the sale of real estate and divides the money among the co-owners. Note that any real estate co-owner who hasn’t waived their right to a partition can present a partition case. The following are the different types of real estate partitioning in Florida:
There is partition by sale where one co-owner can force the property sale even if the owners are unwilling. The court must determine if selling the property is more profitable than physical division, then decide on the partition type.
For properties involving acreage like plantations, partition by physical division is ideal. It is an effective approach to settling property settlements and ensures everyone gets fair compensation. If physically dividing the land will result in the co-owner getting under-compensated, the court might consider another partition approach.
Another common type of partition action is the appraisal approach. It allows the co-owners to buy off the interests of other owners through a court-ordered appraisal. Note that all co-owners must agree in writing for this approach to be successful.
When Is It Necessary
It is time to consider the partition act if property owners cannot agree on crucial management decisions. Mostly, it happens when family members inherit land jointly, when a divorced couple co-owned property, or when business partners own property together. If the parties involved can agree on managing or selling the property, there’ll be no need for a partition action.
However, any co-owner can file a partition action if there is a disagreement on the management or sale of the jointly owned property. Before heading to court, it’d help to consider mediation. The co-owners will work with a disinterested third party to sit and come to a compromise acceptable to everyone.
How to Seek a Partition Action?
To launch a partition action, you’ll start by filing a legally valid complaint that meets several technical legal requirements. One of these requirements is that a partition suit must be filed where the property is to become valid. Also, all parties involved with the property, from owners to lenders, must be named in the partition action.
To file for partitioning, you must be a joint property owner, making the other co-owners defendants. The only exception to the standard civil lawsuit procedure is the right to a jury trial doesn’t apply. To supervise the partition process, the judge will appoint a referee. It’d also help to note the court has the responsibility to investigate and determine the rights and interests of all co-owners before making a decision.
If the lawsuit goes to court, you’ll need an experienced partition action lawyer. The court procedures are time-consuming and end up costing thousands of dollars. However, these professionals will increase your chances of winning a worthy decision.
