What are the options when a piece of real estate is owned by two or more people and at least one of those people wants to sell the property while the others don’t? A common scenario is where family members inherit real estate as heirs in a will. It also occurs in divorces, when unmarried couples split up, and when businesses dissolve. In addition, cohabitation between friends and associates is on the rise and often leads to the necessity of selling jointly owned property.
Sometimes a Partition Lawsuit is the Only Solution
When owners of jointly owned property are not able to agree on the sale of real estate, a partition lawsuit is the tool used by courts to resolve the matter. Ideally, the co-owners will be able to resolve the dispute without a court order. One way the owners can resolve the matter is the owner, or owners, that do not want to sell the property can buyout the owner that wants to sell. Even in a buyout scenario, however, the parties will still need to agree on a fair purchase price. Another way to solve the matter without a lawsuit is for the owners to agree to sell the property. If the parties decide to sell the property voluntarily they will still need to agree on how to split the profit from the sale. This can be contentious because the parties may have conflicting opinions regarding their contribution to the real estate over the course of their ownership. Contributions to the initial down payment, mortgage payments, property taxes, improvements, and more, are often topics of disagreement. As you can see, there are many factors that can lead to disputes when disposing of jointly owned real estate.
Because the decision to sell and the decisions on how to fairly divide the proceeds from the sale can be so contentious, often the only way to resolve the dispute is to file a partition lawsuit. In a partition action, the court makes the ultimate decision on whether to sell the property and how the proceeds of the sale should be divided amongst the owners based on their ownership share. The court may also consider other factors mentioned above which relate to each party’s level of investment in the property.
Partition Lawyer Stephen K. Hachey Is Here To Help!
Stephen K. Hachey, an experienced partition attorney, can not only help you determine your options, but he can advise you on the best course of action based on your unique situation. And with offices spread out across Tampa Bay, he’s available and accessible to begin working for you. It is never too late to get help. The Law Offices of Stephen K. Hachey proudly serves Tampa, St Petersburg, Clearwater, Wesley Chapel, Brandon, Riverview, South Tampa, Orlando, Bradenton and everywhere in between.
Know Your Rights Before You Act
Real estate law involves state statutes and laws, which can often be complicated and intimidating. Stephen K. Hachey can explain laws and regulations that govern any and all activity dealing with residential or commercial real estate. As a real estate law firm, the Law Offices of Stephen K. Hachey is committed to helping individuals and businesses in connection with all types of real estate transactions.
Stephen K. Hachey Can Help You Wade Through This Difficult Process To Reach A Positive Solution. Call 813-549-0096 Today!
***The opinions in this post are solely those of the author. The author takes full responsibility for the content. Like all blog posts, this is offered for general information purposes and does not constitute legal advice.***