Petition to Partition

Owning real estate in joint tenancy with other partners can have it's benefits, but it can also come with headaches. Especially, if all owners cannot come to an agreement about whether or not to sell that property, or if they do, at what price that will benefit everyone.

When these owners cannot agree on how to manage the property, there is a process called a Petition to Partition. With this method, one of the owners may petition the court to divide up the property and force the sale. If an individual owner decides to do this a notice will be issued by the court to all of the owners and anyone with interest in the property like the mortgage or lien holders. After which, a judge will appoint a commissioner to put the property on the market, find a buyer, and ultimately sell it. The proceeds are then distributed among the owners according to the number of shares they had invested in the property.

It is unfortunate when all parties cannot agree what to do with a jointly held property, especially when family is involved. This is why you should consult a professional attorney to navigate you through this very difficult and expensive process.

*This blog entry was not written by an Attorney and should not be constituted as professional legal advice.