We Solve Complex Multi-Owner Property Disputes
Partition is a legal remedy that addresses disputes between co-owners of real estate concerning what to do with that real estate. The dispute usually involves one co-owner who wants to sell and the other doesn’t. The situation is exacerbated when the co-owner who doesn’t want to sell can’t afford to buy out the other co-owner, or when one co-owner has been paying expenses and the other hasn’t.
In a lawsuit for partition, a judge can order that the property be sold, and the proceeds divided between the joint owners. The actual sale will be handled by a real estate agent who markets the property to obtain the highest price. Prior to the sale proceeds being paid to the co-owners, there can be offsets or credits to account for money paid by one party for things like taxes, repairs, rent received, etc. The process is supervised by the court to make sure it is fair and proper.
In many cases, the lawsuit itself can cause the other co-owner to reevaluate their position and can foster a negotiated buyout or sale of the property. Having competent legal representation is vitally important to guide you through the negotiation process to ensure that all the details are taken into account. LS Carlson Law PC has successfully represented parties in partition actions, both in court and out of court, and has the skill to guide you through the process and achieve the results you are entitled to.
Two or more people inherit a property together, or one person inherits an interest in a property that was jointly owned by the decedent and another person. One of the new co-owners wants to sell, but the other wants to live in the property. The usual cause of the problem in this situation is if the one who wants to live in the property can’t afford to buy out the other co-owner.
Two people purchase a property together but are not married and the relationship fails. One party wants to sell the property and get his or her money out of it. The other wants to keep living there. If the parties were married, a divorce action would sort out the ownership situation. But if the parties are not married, the co-owner who wants to sell doesn’t have that option. Partition can force a sale or a buyout.
A twist on the last scenario is when one person helps another person or family member qualify for a loan to purchase a house by agreeing to be a co-buyer. Typically, the person who needed help qualifying will live in the house and make the mortgage payments. The person helping the other will be on the loan until the other party can afford to get a new loan on their own. If they can’t qualify, and are not willing to sell the property, the other co-owner will be stuck with the property, and stuck with the loan. Partition can compel a sale of the property so that one co-owner is not stuck on a loan forever.
What if one party wants to buy out the other party but they can’t agree on the amount? This can happen when one side is being unreasonable about what they should pay or receive, or when one party has made mortgage payments, expenses, paid taxes, etc., and the other hasn’t. The joint owners can agree to a form of partition called partition by appraisal. Under that process, a court can determine how much one co-owner has to pay the other based on one or more appraisals and an accounting of expenses paid by each co-owner.
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Tell Us About Your Property Dispute
When you hire LS Carlson Law, you can be assured you’ll be getting an aggressive firm fully dedicated to achieving your legal objectives. Don’t take our word for it, we encourage you to take a look at the numerous five-star client reviews. If you are ready to end the nightmare with your co-owner, call us now or fill out the form to set an appointment.