Florida is a hotbed for real estate, making real estate disputes common. Real estate disagreements are usually complex, especially those among current and former family members.
Florida law outlines how to handle these disputes through partitioning.
What is a partition?
Partitioning is a legal tool for settling disputes among co-owners of a property. It allows each owner to receive their share of the property when disagreements arise. Partitions usually come into play when at least one interested party does not want to negotiate change. Examples of common reasons for partitioning include divorce, heir disputes and owners having different goals for the property.
What are some possible outcomes of partitioning?
Partitioning typically has a few possible outcomes. If one or multiple parties wish to dissolve their interests in the property, while one or more parties want to acquire the other shares, they can arrange a buyout. If the property owners cannot successfully organize a buyout deal, owners can petition the court for partitioning. There are two types of partition. The first partition type is “in kind,” in which a court equitably divides the property among its owners. The title will reflect this change. The second form of partitioning is “by sale,” which involves selling the property and equitably dividing the proceeds among its owners. Partitions by sale take place either through a private sale or public auction.
Florida law makes provisions for handling real estate disputes. Understanding the role of partitions can make a difference when struggling with contentious real estate issues.