Partition Agreement Template For Professional Services In Houston
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Sec. 23.001. PARTITION. A joint owner or claimant of real property or an interest in real property or a joint owner of personal property may compel a partition of the interest or the property among the joint owners or claimants under this chapter and the Texas Rules of Civil Procedure.
Partition by Sale In this case, the property is sold, and the proceeds are divided among the co-owners based on their ownership shares. This process is often contentious because it forces a sale, even if one owner wants to keep the property. Still, it's a common solution when co-owners are at an impasse.
A California partition action happens when one co-owner of real property wants to sell but other co-owners do not want to sell their ownership rights. Partition means division. The opposing co-owners have the absolute right by law to divide the property and sell their portion with the legal remedy of “Partition”.
To win a partition action can take anywhere from a couple of months to reach a settlement agreement to a year or more if it goes to a court trial.
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.