Virginia General Form of Agreement to Partition Real Property
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How to fill out General Form Of Agreement To Partition Real Property?
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FAQ
If the parties cannot come to an amicable agreement, either party may file the formal partition action through the courts, which might include suing for full ownership. The court will review that partition action and hear arguments from both party's legal counsel regarding the final disposition of the property.
§ 8.01-81. Who may compel partition of land; jurisdiction; validation of certain partitions of mineral rights; when shares of two or more laid off together.
Allowance of attorney fees out of unrepresented shares.
A partition by allotment occurs where one or more of the co-owners purchase the other co-owners interest in the property, at a price set by court-ordered appraisal. If a co-owner seeks to buy out the interests of the other owners, courts in Virginia must consider a number of factors in evaluating the request.
Partitioning is a division in real or personal property between co-owners. This typically occurs when property is inherited or passed down to heirs. There are two types of partitioning: Partition in Kind and Partition by Sale.
If co-owners cannot reach an agreement, they can look to the courts to make a decision on how to divide up, or ?partition?, the property by filing a partition action. Who can bring a formal partition suit to divide property in Virginia is defined by Va. Code 8.01-81.
A partition agreement may be an express statement that the right to partition is waived. It may also be evidenced by a right of first refusal where one co-tenant is required to offer the property for sale to another co-tenant as a condition precedent to an action for partition.
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 price for the part of the property allotted to one or more parties shall be the fair market value of such part as determined by the court unless all the parties agree to a value for the part, which the court shall adopt.
Who May Pursue a Partition Suit? Va. Code Ann. § 8.01-81 provides that ?[t]enants in common, joint tenants, executors with the power to sell, and coparceners of real property, shall be compellable to make partition and may compel partition.?