Partitioning Real Estate in Florida
You may own land with another person or multiple individuals for a variety of reasons. Maybe you purchased it together as friends or romantic partners. Maybe you inherited property along with your siblings. Whatever means brought about your co-ownership, you now have to either come to an agreement with the other owners about what to do with the property or you must determine a way to settle your differences. Many co-owners choose to sell when they no longer agree on what to do with their shared property. However, this is not your only option. You may be able to partition the property, which allows a parcel to be divided into individual shares for each owner. To learn more about partitioning property and whether it is possible in your case, contact our offices today for help.
What is a Partition?
The need for a partition arises in many situations. For instance, you and the other owners may disagree on what to do with empty land. You may want to build a house on it and live there. The other owners may want to keep it wild and use it for hunting. If you co-own a home, you and the other owners may disagree on whether to renovate it, rent it out as-is, or sell it. Whatever the disagreement, there are options for when negotiations fail.
When you and one or more individuals cannot decide on what to do with a piece of property you each have an interest in, you and the other co-owners can voluntarily partition the land with the help of an experience lawyer. If you cannot all agree to separate your interests, you or one of the other co-owners can file a civil lawsuit seeking a partition of the real estate. This is a separation of your co-ownership interests in the property. Once the property is divided, you and each other owner can do what you want with your own interest.
Partition in Kind
If a partition in kind is possible, then a judge can grant you and the other owners each a portion of the land. However, an action for a partition in kind is rarely possible, particularly when the property involves a home or building. A home cannot be physically divided, with you being able to use one-half of the house while another owner uses the other half. An empty parcel of land may be the only option in which a court can physically divide the property, giving you and the other owners separate pieces to do with what you will.
Partition by Sale
More likely than not, the land is nondivisible and you will file an action for a partition by sale. Under this type of civil action, you and your co-owner’s interests are separated, the property is valued, and then put up for sale. In some cases you may buy out the other owner or vice versa. In other situations, the entire property is sold and you each receive compensation for your shares of the real estate.
Contact Larry E. Bray for Help
If you and other co-owners of land cannot decide what to do with it, contact an experienced real estate attorney at the Law Offices of Larry E. Bray, P.A. in West Palm Beach to learn more about your legal options. You may be able to work out an agreement with the other owners to voluntarily partition the property. If not, a real estate lawyer can help you file a partition action in your local court.