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Colorado
Agreement by Co-Tenants Restricting Right of Partition

Colorado Agreement by Co-Tenants Restricting Right of Partition

Category:

Real Estate - Contracts - Partitions

State:

Multi-State

Control #:

US-03295BG

Format:

Instant download

Description

An action for partition usually arises when there is a dispute as to how to divide property, or in a dispute as to whether property should be sold. One co-owner of real property can file to get a court order requiring the sale of the property and division of the profits, or division of the land between the co-owners, which is often a practical impossibility. Normally, a partition order provides for an appraisal of the total property, which sets the price for one of the parties to buy out the other's half.

This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.

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FAQ

Timeframe or Length of a Partition Action A forced sale or partition action can take 6-12 months on average.

Partition action is the legal process by which a court is called upon to divide (or part) the equitable interest in real property amongst co-owners who can't unanimously decide on what to do with the asset.

?[T]he right of partition may be waived by contract, either express or implied.?

Any person with an existing or future interest in the property may bring the action for partition. This includes existing co owners (joint tenants; tenants in common, etc.) as well as people with a future interest (remainder men to life estates.) However, lien holders do NOT have the right to partition.

What is a partition action? A partition action is a type of lawsuit pertaining to joint owners of real property. 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.

In Colorado, any party with an interest in real property can file a partition action and request that the court decide who owns the property. Then, the court will rule on if the property should be divided between the claimants.

If the parties can't agree how to deal with the property either may make an application to court under the Partition Act RSO 1990, c P. 4 for a physical division of the land (known as ?partition?) or a court-ordered sale of the property and division of the proceeds.

To legally ?partition? property means to bring a proceeding in court to force the physical division or sale of the property and division of the proceeds among the co owners. In certain cases it can be an absolute right of a co owner while in others it is contingent on various factors.

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