Co-owning real property can be a convenient opportunity. People without enough income or liquid capital to purchase a property on their own may be able to qualify for financing or pool their resources for a cash purchase. Some people acquire real estate jointly because they inherited it from a loved one who leaves it to them and their siblings or cousins.
Not only do co-owners share in the cost of obtaining a property, but they also typically share responsibility for maintaining the property. Unfortunately, co-owning real property also requires continued cooperation about everything from property maintenance to sales opportunities in the future.
Occasionally, co-owners find themselves disagreeing about property-related obligations or what should happen next with the properties they own. When disagreements create an undue burden for one co-owner or lead to lost opportunities, they may decide that they want to pursue a partition action in the Florida civil courts.
What is a partition action?
A partition action is a real estate-related lawsuit requesting the division of ownership interests. The nature of the property and the reason for the partition action can influence what solutions a judge decides are appropriate.
Partition actions can lead to the division of a parcel of acreage into multiple separate parcels. A judge could also allow one owner to buy out the others or may require that multiple co-owners buy out the plaintiff who wants to eliminate their cold ownership. There are a host of different solutions available depending on the circumstances.
Why people take co-ownership disputes to court
Co-owners who refuse to sell can leave someone saddled with indefinite financial and practical obligations that they no longer want. The failure of co-owners to make appropriate investments in the property by not paying their share of taxes or performing maintenance can also create an unfair burden for one or more of the co-owners.
In scenarios where co-ownership creates practical or financial challenges for one property owner, a partition action might be the best solution. If co-owners cannot amicably agree on a buyout or another solution, then the courts can help resolve disputes related to cooperatively-owned real estate holdings.
Initiating real estate litigation can be useful for those who don’t receive appropriate support from co-owners or who no longer want to jointly own real estate. Partition actions can help people liquidate holding that they no longer wish to retain or hold others accountable for failing to fulfill their obligations as co-owners.
