Louisiana Act of Partition
Understanding this form
The Act of Partition is a legal document used to divide real property equally among co-owners. This form allows co-owners, typically two parties, to split a property into separate tracts, ensuring each party receives property of equal value without requiring any additional payment. This legal act formalizes the division and provides a clear transfer of property ownership, distinguishing it from agreements that do not involve a partition of real estate.
Main sections of this form
- Identification of the parties involved, including their residency and interests in the property.
- Description of the real property, including boundaries and parcel details.
- Declaration of the intention to partition the property and transfer ownership of specified lots.
- Details on the division of the property into separate lots with associated measurements.
- Signatures of co-owners and witnesses, including notarization provisions.
Situations where this form applies
This form is typically used when two or more individuals jointly own a parcel of real estate and wish to divide it into separate ownership. Situations may include divorce settlements, estate divisions among heirs, or simply when co-owners mutually agree to separate their interests in the property. If there is an absence of mutually agreed terms, this form serves to facilitate a fair partition.
Intended users of this form
- Co-owners of real estate who wish to divide their property.
- Individuals involved in legal proceedings related to property ownership disputes.
- Anyone seeking to resolve joint ownership issues amicably and legally.
How to complete this form
- Identify and list the co-owners' full names and addresses.
- Clearly describe the property being partitioned, including legal description and boundaries.
- Determine and specify the details of the partitioned lots, denoting measurements and boundaries for each.
- Have all parties sign the form in the presence of a notary public.
- Include witnesses' signatures as required by local jurisdiction.
Does this form need to be notarized?
This form must be notarized to be legally valid. US Legal Forms provides secure online notarization powered by Notarize, allowing you to complete the process through a verified video call.
Mistakes to watch out for
- Failing to accurately describe the property boundaries, which can lead to disputes.
- Not obtaining the required signatures from all parties involved.
- Leaving out crucial identifiers such as Social Security numbers or addresses of the co-owners.
- Omitting notarization, which is essential for the validity of the form.
Benefits of completing this form online
- Convenience: Downloadable and easily accessible at any time.
- Editability: Users can fill in details digitally, ensuring accuracy before printing.
- Reliability: Forms are prepared by licensed attorneys, guaranteeing legal compliance.
Legal requirements by state
This Act of Partition is specific to the state of Louisiana and adheres to its legal framework regarding property division. It includes terminology and formatting requirements pertinent to Louisiana law, ensuring compliance with local statutes when executed.
Form popularity
FAQ
A suit for partition is filed in a Civil Court having jurisdiction over the area where the property is located. If there are several properties, the lawsuit can be filed in any one of the courts. The partition suit results in a decree which ends the joint nature of the property.
As a rule a Partition action will take about one year to get to trial from the time of filing the complaint. Most Partition actions settle along the way. Sometimes within a month sometimes on the eve of trial.
A partition deed is executed by co-owners The partition deed is required to be registered at the office of the sub-registrar of the place where the property is situated as in case of any other registration. The stamp duty payable in such a case is Rs 1,000 for each share of the property.
Can A Partition Be Stopped? Typically, a partition action cannot be stopped once a lawsuit is filed because anyone who wants to dissolve ownership that is jointly owned with another person has a legal right to sell his/her interest if desired.
How much does a partition action cost? In California, the cost of partition action and attorneys fees can vary greatly, depending on the complexity of the property and issues involved and the resistance of your opposing party. Attorney's fees can range from $20,000 to $100,000+ per party.
