North Carolina Agreement for the Partition and Division of Real Property
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How to fill out Agreement For The Partition And Division Of Real Property?
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FAQ
A petition to partition is considered a special proceeding by our legislature, meaning it follows a different set of procedures. It must be filed with the Clerk of Court in the Superior Court division of the county (or one of the counties) where the real estate is located.
When tenants in common cannot agree on how to use their real property or whether to sell it, then one or more of them can petition the court to partition the property. If it is feasible, the court can physically divide the property, awarding part of it to each tenant in common.
A partition action is a type of lawsuit that pertains to co-owners of real property, when two or more owners cannot agree on the disposition of the property that is jointly owned, any of the owners can file a partition action in the courts and the court will determine the equitable interest each party has in the ...
There are at least several ways to win a partition action suit, not the least of which include: Selling your equity at a fair price. Selling the house on the open market. Receiving compensation for money put into the home. Renting the property. Keeping the property for yourself and buying out the other co-owners.
Partition suits can cost between $20,000 and $100,000, depending on the attorney's fees. Attorney fees and other costs are usually paid ing to each party's legal right to the property.
There are three methods of Partition provided by state law: (1) Partition by Physical Division, (2) Partition by Sale, and (3) Partition by Appraisal. Also known as ?Partition in Kind,? a Partition by Physical Division requires the Court to divide the land by its proportional value.
Chapter 46A of the North Carolina General Statutes provides a solution to this problem. The owner who wants to sell can file a Petition to Partition the real property. This procedure allows for the Court to either physically divide the property to allow all joint owners to have a part of the real property.
For a petition to partition real estate, the commissioners have 90 days after they are appointed to execute the partition and file a full report of their actions with the court. For a petition to partition other real property, the commissioners have 20 days to divide the property as equally as possible.