Partition Attorney in Perris, California Serving Southern California
Owning property jointly offers convenience and, in fact, is fairly common; however, when the owner can no longer agree on what to do with the property or how to use it, it puts those involved in a bind since one cannot literally split a house or other property in half, at least, not without greatly diminishing the property’s value.
While parties may have purchased the property as tenants-in-common because they are family, friends, or fellow investors, the relationship may not turn out how one or both parties expected.
Our partition attorneys in California bring an end to real estate co-ownership disputes. We accomplish this goal through the only court ordered process to do so: partition law in California.
There are three forms of partition in California:
- Partition by Sale: The court can sell property incapable of division. A public sale is the standard method for selling the property. The highest bidder, provided he/she meets the formalities, can generally claim the property. Sales can be conditioned on a mortgage if the buyer pays at least one third of the purchase price and the owners of the property agree. The owners can also agree to a private sale if they are able to find a suitable buyer.
- Partition by Appraisal: A partition that is accomplished through one party purchasing the other party’s interest in real property on certain agreed terms, under court supervision and based on a third party appraisal.
- Partition in Kind: In this method, division of property physically provides each owner with a proportionate share.
Often times, there is an uncooperative tenant or co-owner at the property who is in no rush to leave. Our experience will make sure that the occupants cooperate or pay the price both financially and possibly through paying your attorneys fees for the partition.
Finally, after the property is sold, every partition involves an accounting wherein partition offsets may be considered. If one co-owner made improvements, paid the taxes or paid the mortgage, this will be the time to recoup those payments.
Contact a Partition Attorney in California Today
If you are looking to end your co-ownership relationship, it is critical to protect your rights and speak to an experienced and creative real estate litigator. Call Talkov Law today at (951) 888-3300 or contact us online for a free analysis of your situation.