Maryland Agreement to Partition Real Property among Surviving Spouse and Children of Decedent
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How to fill out Agreement To Partition Real Property Among Surviving Spouse And Children Of Decedent?
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FAQ
The Uniform Partition of Heirs Property Act governs the partition of inherited property. The purpose of the Act is to protect heirs from unscrupulous speculators who acquire a small partial interest in real property owned by a group of heirs and then force the sale of the property at a below-market price.
THIS SUBTITLE MAY BE CITED AS THE MARYLAND UNIFORM PARTITION OF HEIRS PROPERTY ACT. [14?107. (a) A circuit court may decree a partition of any property, either legal or equitable, on the bill or petition of any joint tenant, tenant in common, parcener, or concurrent owner, whether claiming by descent or purchase.
THIS SUBTITLE MAY BE CITED AS THE MARYLAND UNIFORM PARTITION OF HEIRS PROPERTY ACT. [14?107. (a) A circuit court may decree a partition of any property, either legal or equitable, on the bill or petition of any joint tenant, tenant in common, parcener, or concurrent owner, whether claiming by descent or purchase.
If the decedent has a spouse and descendants (who are not descendants of the surviving spouse), but no minor children: Spouse inherits first $100,000 of intestate property and ½ of the rest; and. Descendants inherit everything else.
Parties may be compelled to partition or sell land 2 (1) All joint tenants, tenants in common, coparceners, mortgagees or other creditors who have liens on, and all parties interested in any land may be compelled to partition or sell the land, or a part of it as provided in this Act.
?Right of survivorship? means that a surviving co-owner can take ownership of the deceased co-owner's share of the property. ?Undivided interest? means that each owner has an equal right to use and enjoy the entire property. However, no individual has an exclusive right to any specific part of the property.
Joint Tenancy Each owner has an equal, undivided interest in the real property. Joint tenancy includes rights of survivorship. When one joint tenant dies, that joint tenant's undivided interest in the real property automatically passes to the surviving joint tenant or tenants.