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what is a partition sale in real estate?
what is a partition sale in real estate?
Asked By Hillary M | Kansasville, WI | 250 views | Terms Definitions | 1 year ago
Answer(2)
Gloria Mitchell
Wilkinson Triad Realty
A partition sale in real estate is when the owners of an undivided interest in a property agree to physically or legally divide it and sell their separate interests separately. This often happens when several joint owners can no longer agree on how to use the property or how its proceeds should be divided up. It is also sometimes done to avoid foreclosure.
- 1 year ago
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Adrian Tridel
Adrian Edwards
A partition sale in real estate occurs when co-owners of a property cannot agree on how to manage or divide the property, and they seek a court-ordered sale to dissolve their ownership interests. This type of sale is often used in situations where two or more individuals inherit property or purchase property together and then decide to separate their interests.
When co-owners cannot agree on how to manage the property, they may seek to partition the property, which involves dividing the property into separate parcels, each owned by a different owner. However, when partition is not feasible, or the parties cannot agree on the terms of partition, a court-ordered sale may be necessary.
In a partition sale, the court will appoint a neutral third-party, typically a real estate agent or a trustee, to list and sell the property. The proceeds from the sale will then be divided among the co-owners based on their ownership interests.
A partition sale can be a complex and lengthy process, as it requires court involvement, and the property must be sold at market value to ensure a fair distribution of proceeds. However, it can be an effective solution when co-owners cannot agree on the management or division of a property, and it allows them to dissolve their ownership interests and move on from the property.
- 1 year ago
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