Multiple people may jointly own real estate for a variety of reasons. It is relatively common for people to inherit real estate jointly, meaning that multiple siblings or cousins all have a partial interest in property that belonged to a now-deceased family member.
Those going into business together might invest in real property for company purposes. Sometimes, individuals buy residential property jointly because they cannot qualify for a large enough mortgage on their own.
In any of those circumstances, each owner has a responsibility for the financial management of real property, as well as the overall maintenance of said property. When there are disputes about those responsibilities, future plans for the property or the current use of a property, going to court to end joint ownership is sometimes the best solution available.
The courts can offer multiple solutions
When one or more co-owners of real property want to sever the joint ownership arrangement, civil litigation to pursue a partition action is often necessary. Unless owners agree on specific terms, they may require a judge to ensure a smooth transaction.
During a partition action, judges have several options available for ending a joint ownership arrangement. They can require the sale of the property, thereby allowing each owner to receive a portion of the proceeds.
They can divide a parcel into multiple smaller parcels. They can also facilitate one owner’s acquisition of another’s interest in the property. Each of those arrangements can be appropriate in different scenarios.
Documenting sources of pressure on a co-ownership or arrangements and evaluating the different partition remedies available can make it easier to successfully navigate legal proceedings to end joint ownership. A lawyer’s guidance can help people present a compelling case about a real estate dispute in front of a judge.