Real property today can be titled to the owner or owners in many ways. If property is owned by a corporation or limited liability company, there are generally internal company agreements specifying how property is to be handled. However, such is not the case where real estate is held in what is referred to as “tenancy in common”. Specific laws then apply to how such property may be bought or sold.
One area of applicable law is called “partition”. Partition laws address the situation where two or more parties cannot agree on whether to sell or the terms upon which a property is to be sold. A partition lawsuit, filed by one or more owners against the other owners, will result in the property being valued and ultimately sold. It may end up being sold to third parties or sometimes one owner may buy out the others.
Contact us by calling (702) 451-7077 or fill out the form on the right to discuss how this process may assist you in resolving your property dispute.