WARD & ASSOCIATES
When co-owners of real estate want to cease being co-owners, but cannot agree on the terms or timing of the break-up, what is known as a partition action is sometimes appropriate. A partition action is brought by one co-owner against another such as by one family member against another where the property would suffer because of the intransigence of the co-owners, were the court not asked to intervene.
In the process, ownership, an accounting and future disposition of the property are determined by the court. Acccounting for property improvements made by a co-owner, the respective shares of debt and the equity related to the property to be distributed to each co-owner upon sale of the property are resolved as well. The court is empowered to sell the property to a third party and divide the proceeds among the co-owners. Or, it may order sale of one co-owner's share of property to another owner who does not wish to sell his or her interest.
There are also times when a partnership dissolution is the most appropriate method of terminating the co-ownership when it is found that a real estate partnership exists.
Please contact us if you are stuck or if someone you know is stuck in a piece of real estate and your co-owners will neither buy out your interest on reasonable terms nor agree to profitable management of the property.
Please pass this site on to a friend or acquaintance you may know with problems of property ownership.
Let us put our in-depth experience to work
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Ward & Associates Attorneys at Law21 Oak Square Avenue
Brighton, MA 02135