A partition agreement is a legal document that outlines the terms of splitting up property or land between multiple parties. The document may include details such as the specific property or land, percentage of ownership for each party, payment terms and other relevant terms and conditions. Generally, this type of document is used in situations where a person owns a share in real property with others and wants to sell their share or divide it among them.
Who can apply for partition of land?
This office has seen many carefully structured real estate partnerships with elaborate buy and sell provisions come to naught when the right of drafting partition agreement is not adequately integrated into an agreement or waived in another manner. The right to partition is very important and should be considered in every real estate transaction, especially when dealing with community property.
Partition proceedings can be commenced in court by filing a petition with the court. The court will then appoint a Commissioner to investigate the status of the property and to determine any liens on it. The Commissioner will then issue an initial report that is then used to create a division of the property.
Alternatively, the parties to a dispute can avoid a court proceeding by mediating their differences. The mediation process is managed by a neutral party and is designed to help the owners of a property reach an agreement that avoids the need for a partition action.