Partition Settlement Agreement With Sale In Nassau
Description
Form popularity
FAQ
The first step in a real estate partition is to file a partition action lawsuit in the Chancery Division of the County Superior Court where the property is located. All of the co-owners must be named along with anyone with present or future interests in the property.
A partition action can compel the sale of jointly owned property when co-owners disagree. The process may take up to two years, depending on case complexity and cooperation. Exploring alternatives like mediation before filing a partition action is often advisable.
In a recent landmark judgment, the Supreme Court of India held that in a suit for partition of joint property, every interested party is deemed a plaintiff. This means that each co-sharer has the right to initiate and pursue a partition suit, and no one co-sharer can prevent another from doing so.
The California Law Civil Procedure Code section 872.210 states anyone who wants to dissolve ownership that is jointly owned with another person has a legal right to sell his/her interest if desired. Eligibility for Partitions are: Inheritance that is usually family members who inherit real and personal property.
To initiate a partition action, the petitioner must file a complaint with the appropriate court that describes the property involved. The complaint must also include the ownership shares and interests of all co-owners as well as any other property co-owned by the parties. NY Real Prop Actions L § 905.
Generally, courts divide the costs of partition among the parties in proportion to their ownership interests or in a different manner when necessary to ensure equitable distributions. (CCP § 874.040.)
Previously, the partition law in California permitted any co-owner of a property to force a sale, often to the detriment of other owners. The new amendments, however, introduce a right of first refusal.
The length of a partition action can vary depending on the complexity of the case and whether the co-owners are able to reach an agreement. In general as with any litigation, the process can take several months to a year or more.
If you co-own property such as a home, building or vacant land with someone in New York and have come to find this co-ownership situation unbearable, undesirable or unaffordable you can under New York State's RPAPL Article 9 Partition law bring a partition action and force your co-owner to either sell the property or ...