Louisiana General Form of Agreement to Partition Real Property
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How to fill out General Form Of Agreement To Partition Real Property?
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FAQ
Hear this out loud PauseIn California, most people consider a partition action when they want to sell their interest in a property, but the other shared owners do not want to sell and don't want to pay a fair price. This is typical of siblings who have inherited a real estate property from deceased parents.
Partition is the division of real or personal property between or among two or more co-owners, such as joint tenants or tenants-in-common. Partition is not a remedy available to owners who hold title as community property or quasi-community property.
Hear this out loud PauseA 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?.
In Louisiana, this is referred to as ownership by ?indivision? meaning each person has an undivided share. In other words, each property owner has an interest in the undivided land rather than each heir owning an individual lot or piece of the land.
Hear this out loud PauseIn a partition lawsuit, there are generally four different steps. First, the court determines each party's ownership interests. Second, the court will decide on the manner of sale. Third, the court will order the property be sold.
The legal action required is known as a partition action. In a partition action, we ask the court to order that the property be sold. Once an order of sale is obtained from the court, it will be sold by public auction after all parties are notified.
Timeline to Process a Partition Action. A partition action generally takes a year, a half, and two years to reach trial. Sometimes we can do them in less time, but occasionally it takes longer.
Hear this out loud PauseFirst, the co-owners must agree on how to divide the property. Second, a surveyor must prepare a partition plan showing how the property will be divided. Third, the partition plan must be approved by a court, and the property must be physically divided.