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.
The Michigan Agreement by Co-Tenants Restricting Right of Partition is a legal document that establishes specific restrictions on the right of partition for co-tenants in Michigan. This agreement is commonly used when there are multiple individuals who own property jointly, whether it be residential, commercial, or agricultural. The purpose of this agreement is to outline the conditions and limitations for the potential division or sale of the property by any of the co-tenants. By restricting the right of partition, it helps ensure the property remains intact and prevents the forced sale or partitioning of the property against the wishes of the co-tenants. There are several types of Michigan Agreement by Co-Tenants Restricting Right of Partition, including: 1. General Restriction Agreement: This type of agreement applies to all co-tenants and restricts the right of partition equally among all parties involved. It ensures that all co-tenants agree to maintain the property as a whole and prevents any one individual from forcing a sale or partition. 2. Percentage-Based Restriction Agreement: In some cases, co-tenants may agree to a specific percentage-based restriction. This means that each co-tenant has a predetermined percentage of the property, and a division or sale can only occur if all co-tenants agree to it. 3. Time-Based Restriction Agreement: Co-tenants may also agree to a time-based restriction, where the property cannot be sold or partitioned for a specified period. This can be useful when co-tenants want to maintain ownership for a set duration before considering any potential changes to the property. 4. Consent-Based Restriction Agreement: This type of agreement requires the consent of all co-tenants before any division or sale can take place. It ensures that all individuals have an equal say in the fate of the property and prevents any unilateral decisions. Co-tenants should consult with a legal professional experienced in real estate law to draft an Agreement by Co-Tenants Restricting Right of Partition specific to their circumstances. It is essential to consider all relevant factors when creating such an agreement, including the proportion of ownership, potential future plans, financial aspects, and the desires of all co-tenants involved. In summary, the Michigan Agreement by Co-Tenants Restricting Right of Partition is a significant legal document that allows co-tenants to establish restrictions on the division or sale of jointly owned property. It provides a framework for maintaining the integrity and ownership of the property while respecting the rights and wishes of all co-tenants involved.
