People who are well-versed in real estate law may be familiar with the subject of partition lawsuits. For those of you who would like to learn more about the topic, here is a brief guide that can help you understand the basics of partition lawsuits.
What is a partition lawsuit?
This kind of lawsuit happens when people share ownership of a property and no longer want to continue to do so. It usually begins with one party asking for the property to be divided or sold. In some cases, a lawsuit is filed specifically to obtain a court-ordered partition sale. The partition can be voluntary or involuntary.
In a voluntary partition, all the parties involved make a decision to part ways and are able to reach an agreement as to how the property will be physically divided.
In an involuntary partition, the parties involved can’t reach an agreement. This results in litigation that tends to take longer than anyone truly wants. That is because the litigation has to settle whether or not the house will be sold. If the decision is to sell the property, the litigation then has to determine how the proceeds will be divided between the participants.
Types of Partitions
Whether voluntary or involuntary, real property may be divided in two different ways.
Partitions in kind: The parties or the court decides how much of the property each person receives. The land is divided and new propertylines are created. There also may be discussions to clarify what personal property is included with each person’s piece of the real property.
Partitions by sale: This results when it isn’t logical or equitable to divide the physical property for one reason or another. In these cases, there is a forced sale,provided the petitioner can convince the court that a partition in kind is not viable. Once the sale is complete, the resulting net proceeds are divided between the parties.
File the Lawsuit
The steps you will have to take to file a partition lawsuit vary based upon the location and type of property. The place of residence for you and all the other parties involved also matters. If you are interested in filing this type of lawsuit, it would be best if you seek the guidance of a Las Vegas real estate lawyer. That way, you can make sure you have all the necessary pieces in place to get the judgment and relief you seek.
Of course, you are welcome to represent yourself and forego a lawyer. However, we do not recommend it. Facing any legal issue without competent representation often lead to either not accomplishing your objective at all, or receiving less than you might otherwise by legally entitled to.
Avoid mistakes and ensure that your interests are properly represented with the help of the real estate lawyer Vegas residents recommend. Schedule a consultation with Simon Law. With over 30 years of experience, you can feel confident they will handle your case correctly. For more information about the real estate lawyer Vegas residents trust, contact 702.451.7077 or email@example.com.