Partition Agreement With Sale In Illinois
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FAQ
A partition action is a lawsuit in which a court determines whether a property with two or more owners is to be partitioned or sold. When two or more owners cannot agree on the disposition of the property in question, any of the owners can file a partition action in the appropriate court.
To initiate a partition action in Pennsylvania, a co-owner must file a partition complaint at the Court of Common Pleas. The Complaint will set forth the property description, the names and addresses of the co-owners, and their interest in the property.
A partition action must be initiated with a verified complaint filed in the circuit court of the county where the land is located. 735 ILCS 5/17-101. The verified complaint needs to include a particular description of the premises sought to be divided.
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.
The actual time it takes from when a partition case is filed to when the land is partitioned physically, by sale, or by set-off varies from case to case. In general, partition cases can take several months or even years to resolve.
The terms and conditions of joint tenancy must be specified in the property deed. If one of the tenants sells or transfers their ownership interest, it will be considered a breach of the joint tenant agreement, as it will change the status to tenants in common.