Division of Real Estate Between Co-owners

Call 813-265-4030

Division of Real Estate Between Co-owners

When two or more people own a piece of real estate (actually anything), the law provides ways for them to divide it up or to sell it and divide the proceeds if one of the owners so desires. The process is called Partition. It is generally best for the parties to recognize that such a division is possible despite another “partner’s” resistance. They should just amicably agree to either let one or more owner(s) buy out the other(s) at a fair price, or agree to put the property up for sale and divide the net proceeds equitably.

Sometimes, regrettably, the division is not amicable and this only results in monetary injury to all the owners. Suit must then be filed and attorneys get involved, and when the property is ordered to be sold, these expenses only go to reduce the net profit, which is then divided among the owners. Check out Florida Statute 64. Suggestion…if you are in this situation and if suit does occur, quickly go to a knowledgeable attorney that encourages mediation and provide the attorney with information such as an appraisal, tax information, insurance information and pictures. You should want to engage a real estate lawyer who understands Partition actions.     Avoid having to go to trial because it will only lessen your share.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>