Partition Agreement Sample With Sale In Massachusetts
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FAQ
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 owner who no longer wants ownership of the property can ask the court to force a sale in lieu of partition. Rather than continuing to co-own the property, the court can force the owners to put the house up for sale.
Each tenant can sell or give away his share. If you want to sell the home with a tenant in common, you both must agree to sell your shares. The sale proceeds are divided based on the owner's interest. One owner can also buy out the other tenant in common's share to simplify the process.”
Either of the individuals may also convey their interest without the consent of the other, thereby breaking the “joint” tenancy. In this case, the existing owner will hold title as a tenant in common with the new ownet.
In Massachusetts, the law on partition is set forth in Chapter 241 of the Massachusetts General Laws. This law allows property owners to end their co-ownership of property by bringing a case in either the Land Court or the Probate and Family Court.
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.
A quitclaim deed is a legal document that transfers property from one person (the grantor) to another (the grantee). It does not guarantee the grantor's ownership rights. Unlike warranty deeds, it doesn't promise anything about the property's title or the grantor's rights.
Joint Tenants – When one joint tenant dies, the surviving joint tenant automatically owns the entire property. This is said to be a “right of survivorship.” A deed to two or more people must specify that they hold the property “as joint tenants” to create a joint tenancy.
Partition definition: it is defined as a room divider or wooden partition wall constructed from a sturdy material such as glass, bricks, or wood studs, whose sole purpose is to be a room divider and separate one room from another.