Riverside, CA Lawyers Serving the Inland Empire and Southern California
There can be nothing more frustrating than co-ownership of real estate (real property) in California. Many times, one co-owner is paying the mortgage, while another co-owner lives at the property without making any contribution to the property. Eventually, this gets old, and co-owners seek to end this unhealthy relationship.
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 most common form of partition, the property will be marketed for sale and the court will allow over-bidders to appear in court. A skilled partition attorney can assist one co-owner in buying out the other co-owners through this process.
- Partition by Appraisal: this uncommon method allows the parties to agree on the buyer and method of appraisal of the property to allow one or more parties to be bought out.
- Partition in Kind: most common when the property is undeveloped, this form of partition allows the property to be physically divided. Single family homes are generally ineligible for this form of partition.
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 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.
If you are looking to end your co-ownership relationship, contact us today.