There are a variety of reasons why people could find themselves as co-owners of a home or a piece of real estate property. Even if they did not intentionally purchase that property together, for example, they may have inherited it. Two siblings may both be left equal shares in their parents’ home.
In some cases, co-owners simply cooperate when they want to sell, and they work together to find a buyer. But there are also scenarios where one person wants to sell, perhaps because they are more interested in the financial value of that real estate than actually owning it, but the other person does not. How would a court settle such a disagreement?
Partition of property or partition by sale
There are generally two ways to do this, and they use partition actions. This is a court order that instructs the co-owners on how to proceed.
In some situations, it is possible to divide the property, such as if two people were left 100 acres of open land. The court could use a partition of property to give them each 50 acres. The person who wants to maintain ownership keeps their land, while the other person sells.
But in other cases, such as if they jointly own a single home, it is not possible to divide the property itself. A partition by sale can then be used. This essentially orders that the house should be sold and the proceeds from that sale must be split between the co-owners. The person who wanted to keep the property does have to sell, but they also obtain the financial value that they deserve.
Real estate disputes
This is one example of how a court can address a real estate dispute between co-owners. For those who find themselves facing such conflicts, it can be helpful to work with an experienced law firm.