Partition & Division of Property Forms for Joint Tenants - Property Division
How to Divide Property Through Partition Property Partition
People can own property individually, as tenants in common, or as joint tenants. Although there are benefits to co-ownership, issues arise when there are disagreements between co-owners, often resulting in stagnation of matters relating to improvement or disposition of property. In these situations, it is better to resort to the solution of partition. A lot that is jointly owned can be divided into portions distinguishing each owner's proportionate share. Thus, the act of partition allows joint owners to sever their rights and take away their individual proportionate share.
Property partition can be carried out with or without the help of court. When co-owners are unable to agree on a specific division plan, a court can determine the division. Sometimes, property cannot be divided physically. In such cases, a partition sale can be performed. The proceeds from sale can be divided proportionately among the co-owners.
There are three types of partition:
- 1. Partition in kind: In this method, division of property physically provides each owner with a proportionate share.
- 2. Partition by allotment: A single owner or a group of owners is awarded ownership of the entire property, and in turn pays those divested of ownership an amount proportionate to their respective shares. However, this kind of partition is not allowed in all jurisdictions.
- 3. Partition by sale: Property is sold and the proceeds are divided among the co-owners.
Before heading for partition, it will help to create a plat map of the area so that the co-owners are made aware of all the features of the property. This will ensure that there are fewer disputes after partition regarding who received a better share. Sometimes, it might be better to file quiet title action to prove priority of ownership before proceeding with partition.
Tips for Preparing Partition & Division of Property Forms for Joint Tenants
Real estate deals are one of the most complicated processes due to small property specifics that most don’t know to even think about. Let’s dive much deeper into some specific conditions and simplify the process of work with real estate forms with the following tips:
- Check the rights of each party. Ensure that all of the parties have proper capabilities to make decisions about property before creating a document.
- Use state-specific real estate contracts. Regulations for documents differ between states. Discover the proper Partition & Division of Property Forms for Joint Tenants form in our catalogue that consists of more than 85 000 frequently-checked legal samples.
- Indicate all wanted terms. Bringing a Partition & Division of Property Forms for Joint Tenants into force is generally a stumbling block that leads to a lot of misunderstandings and lawsuits between parties. Make starting dates clear from day one.
- Record residence condition. Make photos or describe in writing the state of a house or apartment and check if everything is in order on the time of releasing it to the another party.
- Take full advantage of modern technologies. Save your time using the built-in integrations with a comprehensive PDF editor and superior eSignature solution. Take advantage of our Premium subscription to fill out, double-check, revise, and put your signature on your sales agreements without printing, manual filling, or scanning hard copies.