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Legal Advice Selling Joint Property

Posted 31. Oktober 2022 by Logistik-Express in Allgemein

One of the most common questions raised by co-owners of real estate in California is how to force the sale of the property if the co-owners do not agree. Section 872.210 of the California Code of Civil Procedure allows a co-owner to sell a condominium even if the other co-owner does not consent to the sale using the legal process known as a partition action. The highly experienced lawyers at Talkov Law explain the only way to force the sale of co-ownership: a partition action. Since a partition action requires court approval, the process takes several months. The plaintiff must name each co-owner as a party to the dispute and follow detailed legal procedures. Specific procedures depend on state law. The right of partition allows co-owners who wish to terminate their interests in a property to do so by appealing to the competent court to force the sale of the property. Yes, if one of the owners dies, the other owner automatically takes possession of the property without inheritance tax. Another example: if a testator has owned only a percentage of a property, his beneficiaries inherit only this share after his death. If it is not desirable or illogical for beneficiaries to co-own the property with their other owners, they could try to enter into a purchase agreement with the other owners or convince them to sell the property.

If the co-owners can`t agree on how to sell the property, the new owners could sue for the division of the property and force its sale. What does it really mean to “win” a partition action? In my opinion, winning means preventing or ending the trial. Pulling the property through a full partition process can subtract the net value of the property and draw energy from its owners. If the co-owners are really stalled on what is supposed to happen to a common property, the only court-ordered remedy for this problem in California is a partition suit. Most sharing actions are divisions by sale, with the court forcing the sale of the property and distributing the proceeds equitably among the co-owners. There are very few cases in California where the right to partition has been waived. This is probably because very few people have a written agreement with their co-owners when they buy a property together. Each of these rare cases where partition is denied is well outside the general factual model of condominium real estate and actually reinforces the argument that the right to partition in California is absolute. Miller & Starr, California`s leading treatise on real estate law, states that “every roommate has an `absolute` right to divide community property.” [1] Right of division – in general, 4 Cal. Real Est. (4th ed.) § 11:14.

By filing the division of ownership, a co-owner can terminate his interest in a property by forcing its sale and distributing the proceeds of the sale fairly and equitably among the co-owners. One of the most effective ways to mitigate condominium disputes from the outset is to include possible resolutions of these disputes in a property agreement at the time of purchase of the property. In this way, in the event that a dispute arises later, the contract specifies how the dispute is to be resolved. Often, legal fees can be paid out of the proceeds when the property is sold. However, this assumes that the property is actually sold at some point. If the sale does not take place for any reason, you may still be responsible for attorneys` fees incurred. By performing the split action yourself, with proper legal advice and tools, you can save significant legal fees. Brink Law Firm`s experienced real estate lawyers can investigate the circumstances of your case and outline all your legal options. To schedule a consultation or case evaluation with a Tacoma condominium attorney, please call us at 253.620.6666 or contact us online. The proceeds of the sale are usually divided according to ownership shares.

If you own 10% of the property, you will receive 10% of the proceeds after deducting fees and costs. Lawyers are usually paid from the proceeds of the lawsuit as court costs. However, profit sharing may change if one of the co-owners requires “accounting”. To put it simply, accounting is when the farm evaluates the “charges and benefits” of the property, as discussed above. The tribunal “takes into account” the amount of the investment and the benefits of each party and, if necessary, adjusts the profit sharing to achieve an equitable result. This adjustment process can only take place if someone requests the accounting. Roommates are considered to have an undivided interest in their entire property. Each roommate has an equal share.

Only the possession of equal shares is possible in the context of a colocation. If the roommates mutually agree on the sale of the property, they must divide the proceeds of the sale equally. Your legal rights and obligations depend on the type of co-ownership agreement you have. The standard rule for co-ownership is co-ownership law. For example, if an unmarried couple lives together in a house, the courts often assume that the property is joint ownership as a condominium. The question of a co-owner`s right to rent a co-owner could become complicated; It is best to consult an experienced real estate lawyer and other co-owners before entering into a condominium lease. It is fundamental to common ownership that every owner has the same right to own, use and benefit from all property.

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