At Provident Law, we pride ourselves on helping our clients resolve their differences. That’s part of an attorney’s job. After the death of a loved one, those who receive a possessory interest as co-owners in a decedent’s estate according to a will or trust may have differences regarding the disposition of the inherited property.
In a perfect world, the conflicting parties would amicably negotiate a reasonable solution that is fair and satisfactory to all those involved. When a parcel of property like a single-family residence is owned by more than one person, especially those who may be related by blood or marriage, it is always preferable to reach an amicable resolution if there is any disagreement as to the disposition of the property. If the parties agree, one potential outcome would include the property being sold in its entirety to a third party with a division of the proceeds by the co-owners. Another would be the sale by one co-owner of its interest to the other co-owner.
A flawless, or near flawless, real estate transaction would avoid any misunderstandings or disputes after the contract is finalized and performance ensues. Any arduous but meritorious effort in reaching an agreement to transfer property should ultimately provide benefits to all the parties involved. Provident Law offers the necessary experience and expertise to help our clients experience the optimum benefits of any real estate transaction in this or any other circumstance. An amicable resolution is almost always preferable to going to court. Provident Law can help you achieve such a solution.
At times, our ownership of property is affected by issues related to third parties. These issues may cause us to have no choice but to share the ownership of property with others. This arrangement may be agreeable and manageable at first, but, over time, circumstances may change. And these circumstances may simply have to do with personal choice.
When conflict between parties makes a cordial, peaceful resolution of differences related to the ownership of the property difficult or impossible, a partition action may be the next best solution. A partition action allows a co-owner of a property to force a sale of the property, thus allowing it to take its share of the property in the form of cash proceeds.
Filing a partition complaint may be the most reasonable solution that will effectively achieve the matter’s necessary finality in the following situations:
- Both co-owners want to keep the property and buy out the other party’s interest.
- Both co-owners want to sell the property but disagree on a sale price.
- One co-owner is willing to sell but the parties disagree on a buy-out sale price.
At the hearing after the partition complaint is filed, the court determines the share or interest in the property of each of the co-owners and all questions affecting the title. A partition order directs the sale of the property and division of the proceeds.
If we cannot help you resolve a dispute with a co-owner by negotiating a third-party sale, buy-out, or other transaction on your behalf, Provident Law can file a partition complaint and help you navigate through the process of a partition action. We possess the expertise in any co-ownership situation to help you achieve your desired result.