Partition Deed Sample With Property
Description
How to fill out Partition Warranty Deed?
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FAQ
If one party wants out, then the other must agree to a sale of the property, or to buying the co-owner out. The other can be forced to sell by order of the Court if necessary, and the Court will order a sale by auction if one party refuses to co-operate.
?Joint tenants? is the traditional way, where each party gets 50 per cent of the sale equity no matter who pays the majority of the deposit or mortgage. If the property is held this way, you both receive half of the equity on sale no matter what.
In case of mutual consent. Irrespective of whether the property is being divided amongst family members, business associates, friends, or others, a partition deed must be signed between the co-owners (co-owners can be more than two). The property is divided based on an investment, a will, or a mutual agreement.
First things first, if you're looking to divide your property, you will have to obtain planning permission from your local authority. You can either do this yourself, or use an architect to act as your planning agent. Because this is a complex project, we recommend the latter.
Historically, the term "partition" comes from the basic word to break into "parts" as in physically dividing real estate in half. For example, if two siblings inherited ten acres of farmland, the property could historically be divided into five acres a piece for each of them.