Wisconsin Agreement by Co-Tenants Restricting Right of Partition

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Multi-State
Control #:
US-03295BG
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Word; 
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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

Partition by Sale: Partition by sale occurs when the entire property is sold, and the proceeds of that sale are split between the owners ing to their proportional interest in the property. So, if co-owner A owns a 20% interest in the property, he or she should get 20% of the net proceeds.

A California partition action happens when one co-owner of real property wants to sell but other co-owners do not want to sell their ownership rights. Partition means division. The opposing co-owners have the absolute right by law to divide the property and sell their portion with the legal remedy of ?Partition?.

A partition suit is an effective remedy for resolving real estate ownership disputes, particularly ones in which co-owners cannot agree on whether to sell or keep a piece of property.

Put simply, a co-owner who brings a lawsuit for partition in California is seeking to fairly and equitably divide a piece of real property among all its co-owners with the help of the court.

Any person with an existing or future interest in the property may bring the action for partition. This includes existing co owners (joint tenants; tenants in common, etc.) as well as people with a future interest (remainder men to life estates.) However, lien holders do NOT have the right to partition.

A California partition action happens when one co-owner of real property wants to sell but other co-owners do not want to sell their ownership rights.

Partition action is the legal process by which a court is called upon to divide (or part) the equitable interest in real property amongst co-owners who can't unanimously decide on what to do with the asset.

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Wisconsin Agreement by Co-Tenants Restricting Right of Partition