Many Californians own land or a business jointly with another individual. A partnership interest in a business or parcel of land can be a wise investment. In fact, at times the only way to afford a piece of real estate is to share the cost with others
But what happens when one of the owners decide that it's time to end the partnership or if one person disagrees with the way the business is run or how the real estate is being used? What if one of the parties wants to move away or retire?
When a parcel of real property is jointly owned by two or more parties and the request of one of the owners to divide the interests of the parties is opposed or an amicable agreement cannot be reached, the party desiring the division of interests may do so by bringing an action for "Partition" in Superior Court against the other owners. When this is the case, hiring an experienced real estate attorney to file a partition action may be the best and only way to settle the dispute in a fair and just manner. A partition action is a lawsuit that allows the court to divide property equally between interested parties. The partition action may be initiated and maintained by any of the co-owners of a piece of real property. To initiate a partition action, an attorney for the petitioner files a complaint in the county in which the property is located. The court then determines what would be the most equitable way to divide either the property or the value of the business.
Even in the best of situations real estate partition actions can be complicated. It can be particularly difficult and time consuming if one of the parties becomes uncooperative. Pirrone and Pirrone has assisted clients in negotiating a fair division of their property, and when necessary, we have instituted legal proceedings requesting a judicial sale of the property, or “partition” action. If you are involved in such a situation such this, call us for our assistance.
See our full discussion of Real Estate Partitions
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