Ohio General Form of Agreement to Partition Real Property is a legal document used in the state of Ohio to outline the terms and conditions under which a piece of real property can be divided or separated among joint owners. This agreement is often used when co-owners of a property wish to dissolve their shared ownership by dividing the property into separate portions. The Ohio General Form of Agreement to Partition Real Property contains various sections that provide a detailed description of how the partition process will be carried out. It includes the names and contact information of all the co-owners involved in the partition, as well as a legal description of the property being divided. This form also includes provisions for determining the division of the property, specifying how the real property will be physically divided or alternatively how the value of each portion will be determined. It covers aspects such as the allocation of common utilities, maintenance responsibilities, and any potential disputes that might arise during the partition process. Different types of Ohio General Form of Agreement to Partition Real Property may include variations based on the specific circumstances of the property or the preferences of the co-owners. For instance, there might be specific provisions for partitioning residential properties, commercial properties, or agricultural land. The form may also differ depending on whether the co-owners are looking to physically divide the property or if they prefer a monetary settlement. In summary, the Ohio General Form of Agreement to Partition Real Property is a comprehensive legal document used in Ohio to facilitate the fair and equitable division of jointly owned real estate. It is designed to provide a clear framework for the partition process while ensuring that the rights and interests of all parties involved are protected.
Ohio General Form of Agreement to Partition Real Property
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How to fill out Ohio General Form Of Agreement To Partition Real Property?
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Section 5307.25 for the first $5,000 of the value, as determined in the action, of the real estate, at the rate of 8 percent; all above the sum, and not exceeding $10,000, at the rate of 6 percent; all above that sum, and not exceeding $15,000, at the rate of 4 percent; and all above $15,000 at the rate of 2 percent, ...
In such cases, the owners may have the right to file what is called a ?partition action?. In essence, a partition action asks a Court to intervene in the deadlock caused by co-owners who cannot agree on how to utilize or dispose of a piece of real property.
Section 5307.01 | Persons compelled to partition. Tenants in common, survivorship tenants, and coparceners, of any estate in lands, tenements, or hereditaments within the state, may be compelled to make or suffer partition thereof as provided in sections 5307.01 to 5307.25 of the Revised Code.
Chapter 5307 | Partition Section 5307.01 | Persons compelled to partition. Tenants in common, survivorship tenants, and coparceners, of any estate in lands, tenements, or hereditaments within the state, may be compelled to make or suffer partition thereof as provided in sections 5307.01 to 5307.25 of the Revised Code.
A person entitled to partition of an estate may file his petition therefor in the court of common pleas, setting forth the nature of his title, a pertinent description of the lands, tenements, or hereditaments of which partition is demanded, and naming each tenant in common, coparcener, or other person interested ...
In 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 partition by sale can be ordered to occur through a private sale, public auction or by listing the property with help from a licensed real estate broker. Partition by Kind: The court orders the physical division of property so that each co-owner receives an undivided interest in their portion of the property.