Property is owned individually or by more than one person. Accordingly, if there is only one owner, less issues will arise when the time to sell happens. On the other hand, problems occur when one owner wants to sell and the others object. If you own a property with another individual and they refuse to sell, contact South Florida Partition Lawyers at (954) 990-7552.
What happens if only one owner wants to sell?
If one owner wants to sell the property and the other does not, they can seek relief from the Court to force the sale. This is called a Partition Action. The process is as follows:
1. Owner has twenty days to respond.
2. The parties can engage in discovery wherein they can provide each other proof of improvements and credits.
3. Mediation occurs.
4. A Final Hearing will take place if it is not settled.
5. If the Court orders a Public Sale, the process will be handled outside of the owners’ control. If the Court orders a Private Sale, the process will be controlled by the owners.
At the Final Hearing, the Court will hear arguments and evidence from both owners. Accordingly, each side will be able to show the Court their contributions to the maintenance and improvement of the property. Ultimately, the Cout will likely order it to be sold.
How Can a Partition Action be Avoided?
Seeking an order from the Court should always be the last option. Owners should attempt to resolve the matter. For example, the owner that does not want to sell can attempt to buyout the owner’s interest that does. Secondly, the Owners can attend a pre-suit mediation that would allow the parties the opportunity to resolve the dispute over the sale. Owners should be aware that if the Court orders the sale of the property, they will likely receive less proceeds.
If you have questions about your jointly owned property, contact South Florida Partition Lawyers at (954) 990-7552.