Sample Partition Agreement With Japan In Phoenix
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FAQ
An agreement made not to partition a real property during a certain time constitutes a legal defense to an action brought during such time for its partition. When there is an agreement prohibiting a partition, equitable defenses like estoppel and waiver can be raised in a partition suitii.
Description: Before filing a partition action, use this letter to convince your co-owners that a voluntary sale or buyout would be ideal. Based on state law, you can compel a forced sale of jointly owned property via partition action.
A partition is a term used in the law of real property to describe an act, by a court order or otherwise, to divide up a concurrent estate into separate portions representing the proportionate interests of the owners of property. It is sometimes described as a forced sale.
The purpose of a partition proceeding is to eliminate a present concurrent interest in the same property so that each owner may enjoy and possess their interest in severalty. Partitions may be compulsory (judicial) or voluntary. Property can always be partitioned by consent of the owners.
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”.
Partition eliminates a concurrent interest in the property so that each owner can enjoy their part separately. Most petitions for partition end in two ways: The court forces the sale of the property in a private sale or auction. The co-owners receive an equal share of the proceeds from the sale.