Partition Agreement Template With Sale In Pennsylvania

State:
Multi-State
Control #:
US-00410
Format:
Word; 
Rich Text
Instant download

Description

The Partition Agreement Template with Sale in Pennsylvania is designed for co-owners of real property seeking to voluntarily divide and sell their shared assets. This form outlines how the property will be divided, specifying individual tracts assigned to each co-owner, and includes the provision for executing quitclaim deeds to effectuate the transfer of ownership. It ensures that all co-owners acknowledge their exclusive ownership and release any claims to the divided property. Completion instructions are straightforward: co-owners must fill in the property description, sign the agreement in the presence of a notary, and ensure the quitclaim deeds are processed correctly. This template is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants who facilitate property division, as it provides a clear legal structure for an otherwise complex process. The form is valuable in scenarios like divorce settlements, inheritance disputes, or partnerships where property needs to be divided or liquidated. By ensuring proper documentation, this template aims to avoid future disputes and delineate responsibilities concerning any existing liens on the property.
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  • Preview Agreement for the Partition and Division of Real Property
  • Preview Agreement for the Partition and Division of Real Property
  • Preview Agreement for the Partition and Division of Real Property
  • Preview Agreement for the Partition and Division of Real Property
  • Preview Agreement for the Partition and Division of Real Property
  • Preview Agreement for the Partition and Division of Real Property

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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.

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.

Can One Owner Sell a Jointly Owned Property? Generally, one co-owner cannot sell the entire property without the consent of the others. However, in a tenancy in common, a party may sell their interest without seeking consent from the others.

In this article, the term partitioning means the process of physically dividing data into separate data stores. It is not the same as SQL Server table partitioning.

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Partition Agreement Template With Sale In Pennsylvania