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Partition Sale
A partition sale is a legal process in which co-owners of a property who cannot agree on its management or disposition seek a court order to sell the property and divide the proceeds among themselves. This typically occurs when the property cannot be physically divided (partitioned in kind) or when dividing it would significantly reduce its value.
Key features of a partition sale:
- Initiation: Usually begins when one or more co-owners file a lawsuit (partition action) due to disputes or disagreements about the property.
- Court Involvement: The court oversees the process, ensuring the sale is conducted fairly and that all co-owners receive proper notice.
- Sale Methods: The property may be sold at a public auction or through a private sale, depending on the jurisdiction and court order.
- Distribution of Proceeds: After the sale, the proceeds are divided among the co-owners according to their respective ownership interests.
- Purpose: The goal is to resolve disputes among co-owners and allow each to realize the value of their share in the property.
A partition sale is distinct from a foreclosure sale, which is initiated by a lender due to mortgage default rather than disputes among co-owners.