West Virginia Agreement by Co-Tenants Restricting Right of Partition

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Multi-State
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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

The Partition of Real Property Act is a new bill that went into effect on January 1, 2023, which replaces the Uniform Partition of Heirs Property Act. The law gives defendants an opportunity to buy the property at an appraised value as supervised by the court.

Historically, the term "partition" comes from the basic word to break into "parts" as in physically dividing real estate in half. For example, if two siblings inherited ten acres of farmland, the property could historically be divided into five acres a piece for each of them.

On January 1, 2023, there was a more fundamental change to California law when the PRPA replaced the Heirs Act. Under the PRPA, any party to a partition action has the right to request that the court determine the property's value, and potentially buy-out the other owner, rather than have the property sold.

A partition action is a lawsuit that forces the sale or division of jointly owned real property. The court will equitably divide the interests of all the co-owners even if one or more co-owners does not agree to the sale or division. This division generally involves division of the proceeds of sale.

The state hereafter shall, whenever it is an owner of an undivided interest in any land or real estate, together with other persons, become a party plaintiff in any proceedings by any person entitled to demand partition under the first sentence of this section.

In real estate law, a partition action is a legal proceeding to divide property shared by co-owners when they cannot agree on its distribution. This often arises among co-owners who inherit property or co-investors in real estate when one party wants to sell the property and the other does not.

Here are some of the most common ways to win a partition suit: Getting bought out at a fair price. ... The property being sold on the open market. ... Getting a co-owner to move out of the property so it can be rented. ... Getting reimbursed for the funds you put into the property.

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West Virginia Agreement by Co-Tenants Restricting Right of Partition