Partition Actions In Florida Real Estate
When a property is jointly owned by owners who disagree on its best use, the most appropriate remedy is often partition. Partition is a civil action designed to sell property while ensuring that the owners are both properly compensated for its loss. There are many different reasons for partition, but regardless of which one fits your situation, it is crucial that you are aware of how the procedure should go. Having the right attorney on your side can help.
Why Choose Partition?
There are three major reasons why joint owners seek to partition a piece of real property, all of which have to do with a relationship beginning or ending. They are:
- When two people are jointly willed a piece of property and cannot agree on how to use it;
- When a married couple jointly owns a piece of property and must sell it during a divorce (Florida is an equitable distribution state, meaning that all assets must be divided in the way that is most fair to both spouses – often, this means selling off large assets like real property or automobiles in order to equitably divide the proceeds); and
- When a business partnership dissolves and must sell off its assets.
There are two types of partition – “in kind” and “by sale.” The former is when the property itself is not sold; rather, the title is divided between the owners and each person is left with their part of the land. The latter is when the property is sold, either by owner or through a Florida realtor, and the proceeds divided (after taxes and fees are paid). Partition is not always the best option when owners are at odds, but it can be a good solution in situations where another solution cannot be reached.
What If I Want To Keep The Property?
While most of the time, partition is a good choice for owners who cannot co-own property, it is not uncommon for one owner to wish for partition by sale, while the other prefers to retain the property. If this situation describes yours, you have some options in terms of a satisfactory outcome, though an attorney can help to smooth out the process. It may be possible to reach a settlement through mediation or another form of alternative dispute resolution (ADR), or you may be able to buy out your co-owner if they will allow it.
If mediation is unsuccessful, and the property is ruled to be indivisible, you may be able to purchase the property from the special magistrate (the judge appointed to facilitate the sale of the property). If you are an inheritor, however, keep in mind that you may also be able to buy out your co-owners under Florida’s Uniform Partition of Heirs Property Act (UPHPA), which allows heirs the opportunity to partition the property, as well as the right of first refusal before it can be sold to third parties.
Contact A Tampa Real Estate Attorney
Partition actions can save people time and trouble if they are unable to determine a mutually acceptable way to use a piece of property. If you are in a situation where you may have to go through a partition, a Tampa real estate attorney from the Seward Law Office can help answer your questions about the process. Call our office today at 813-252-6789 to schedule a consultation.
Source:
leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&URL=0000-0099/0061/Sections/0061.075.html
