Nevada Agreement by Co-Tenants Restricting Right of Partition

State:
Multi-State
Control #:
US-03295BG
Format:
Word; 
Rich Text
Instant download

Description

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.

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FAQ

A: In the state of Nevada, ?heir of law? is interchangeable with ?next of kin.? These people are the individuals who will inherit your assets if you die without a will. Your heirs or next of kin are to go in this order: Spouse. Children.

Spouses in Nevada Inheritance Law In Nevada, intestate deaths can be tricky, since Nevada is a community property state. This means that spouses each own half of any assets received during the marriage. This supersedes who actually paid for the property or whose name is on the deed.

The right of survivorship is a right granted to joint property owners that ensures the transfer of one owner's stake to the remaining property owner(s) in the case of his or her death.

No! Wills do not avoid the probate process. A common misconception is that probate applies only to those who do not have a will (or trust). Even though wills name an executor and list beneficiaries, the assets held in the decedent's name at the time of death must go through probate in order to transfer title.

Nevada also recognizes tenancy in common as a form of co-ownership for non-spouses. Tenancy in common allows multiple owners to own title in a property, but rather than owning equally, the owners can set varying ownership percentages. For example, one owner could own 51% of the property, with the other owning 49%.

Community Property with Right of Survivorship: On the death of an owner, the decedent's interest ends and the survivor owns the property.

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Nevada Agreement by Co-Tenants Restricting Right of Partition