When two or more people own real estate together, they all have to agree about what to do with that property and share their obligations. Ownership is more complicated when you share it with several other people.
You have to agree about how to split the responsibilities, like the costs for tax and insurance. You all have to agree if you want to sell or refinance the property. Sometimes, one owner will decide that it is time to file a partition request with the Florida civil courts.
What does a partition action do for those who jointly own real estate?
Partition actions are civil legal proceedings that can divide jointly-owned property. Maybe your co-owner has consistently failed to reimburse you for their share of insurance and tax expenses. Perhaps you would like to take the money that you invested in the property and use it to purchase a different property or to start a new company.
If the other owner doesn’t cooperate with you, won’t approve the sale or isn’t meeting their obligations to you as a co-owner, a partition action could help. A partition action involves someone with joint ownership of a home or parcel of land asking a judge to divide the property.
If the judge hearing the partition action rules in your favor, they could split one parcel into multiple parcels or even compel the sale of the property. A successful partition action could help you access the money you have tied up in a property or eliminate your obligations to irresponsible co-owners.
Learning more about your rights as a real estate owner in Florida can help you make the most of your investment in real property.