Understanding Partition Suits
Partition suits are filed when multiple owners of real estate cannot agree as to the sale or division of the property. Partition suits are frequently used as a method of settling the division of real estate among beneficiaries of an estate who cannot agree. One of the interested parties files a suit in the city or county where the property is located asking the Court to intervene. The Judge then makes the decision regarding whether the property should be sold, how it should be sold, and the distribution of the proceeds.
Issues in a partition suit are:
- Fair market value
- Approval of an appraiser
- Can the property can be subdivided; and, if not,
- Is any owner willing to take the whole property and pay the other owners for their respective interests; and, if not,
- Are the owners better served by a sale of the real estate and a division of the proceeds; and, if so,
- Are the proper parties before the Court to enable the Court to order such sale?
- Are there delinquent taxes and/or liens of record?
- Is one party entitled to rent from the other party?
- Will any party living at the property be required to vacate so that it can be sold?
Any and all other pertinent matters such as pro-rating funds expended for improvements, reimbursement for funds expended in the maintenance of the property, and reimbursement of funds used to pay for utilities, homeowners insurance, and real estate taxes.
If you are a resident of Winchester, VA, Frederick County, Northern Virginia, or anywhere in between and are looking for an attorney with experience in business law, estate planning, equine law, real estate law, or civil litigation, contact Joan Fine today.