Texas Partition Agreement With Sale In Harris
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FAQ
Potential solutions for dividing inherited property include selling the property and dividing the proceeds, providing siblings with co-ownership, and having one sibling buy out the other siblings.
The process of partition action starts with one or more owners filing a petition in court. The court then examines the real estate details and the owners' interests to decide on the best division method.
Property acquired during the marriage (outside of the noted exceptions) is considered community property. The spouses can, however, agree to convert (or “transmute”) community property into separate property. In Texas, this is done via a written agreement establishing a partition or exchange between the parties.
There are two potential pathways in seeking a partition: Partitions may be in kind (meaning that property is divided into separate parcels and each parcel is allotted to a separate owner) or by sale (meaning that property is sold and sale proceeds are divided among the owners).
In short, to force the sale of jointly owned property, you must first confirm title, then attempt a voluntary sale or buyout, file and serve a partition lawsuit, get an appraisal, sell the property, and finally divide the sale proceeds fairly.
Texas law provides each co-owner of real property with an absolute right to have their property partitioned through a forced judicial sale.
A partition agreement divides, or partitions, a married couple's community estate into two separate estates. It is sometimes called a post-nuptial or post-marital agreement and is similar to a prenuptial agreement, except that it is executed by a married couple.
By filing for partition of property, a co-owner may be able to terminate their interest in a piece of real property by forcing its sale and having the proceeds from the sale distributed equitably and fairly among the co-owners.
