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An owelty of partition is a legal document which allows one of the co-owners to buy out fellow owners' interests in the property by pledging 100 percent of the property as collateral for a loan. Without the owelty of partition, a traditional lender could not properly secure a mortgage against the whole property.

An owelty lien must be released in the same manner as a regular lien on real property. This means a release of lien must be filed in order for an owelty lien to be released against real property.

What is an Owelty lien? Owelty liens are a type of deed that allows divorcing couples to divide the existing equity in the marital home. This action is commonly utilized in divorces to “buying out” the remaining spouses' interest in a home.

A Owelty Lien is a lien created or a financial sum that is ordered to be paid by one party to the other to affect an equitable partition of property in a situation such as divorce. Basically, it is a lien on the entirety of real property that was jointly owned by a husband and wife.

An owelty lien must be released in the same manner as a regular lien on real property. This means a release of lien must be filed in order for an owelty lien to be released against real property.

A sum of money that one co-tenant of real property is required by a written agreement or court order to pay to the other co-tenants to achieve an equitable division of property when an actual partition of the property would: Be impossible because land often cannot be divided into equal shares.

Owelty is an equalization charge. It is the amount paid to another party when it is impossible to partition real estate into units of equal value, so that each party receives equal value from the property.