Division of Real Property – (Partition)

Division of Real Property

Friends, family, and business partners often choose to purchase and hold title in Florida real estate jointly for a variety of reasons. Joint ownership can be beneficial for many reasons, including sharing expenses and reducing property management costs. It may also allow you to enjoy a vacation home that would have otherwise been out of reach. These relationships can last for many years without any problems, but there are times when co-owners cannot agree. What are the legal rights of an owner who wants to sell a jointly owned property? According to the Division of Real Property, Florida law offers a solution for co-owners who cannot agree to sell a jointly owned property. They can file a lawsuit.

BOOK A FREE CONSULTATION

Contact Us

Florida Partition Lawsuits: The Legal Process

Partition is the separation of coexisting and undivided interests in real estate. According to the Division of Real Property, a partition action can be filed under Florida Statute Chapter 64 by any joint tenant, tenants in common, or coparcener against their cotenants or other interested parties in the land to be divided. When two or more parties are entitled to immediate possession of real estate as tenants in common, joint tenants with survivorship, or life tenants, they can choose partition. A partition’s purpose is to promote trade and pass titles between joint owners with the least amount of conflict and ill will. If there is a disagreement over the title of real estate or who has possession rights, an action to quiet title, ejectment, or adverse possession may be filed. This will determine who the legal owners and possessors are.

Calculating the Proceeds from a Partition Sale

In general, each cotenant will be ultimately responsible for their proportionate share in the obligations and costs of real estate. It is a rationale that the expenses of another cotenant shouldn’t increase the equity of a cotenant. A cotenant who pays more than their proportionate share has the right to receive credit for the proceeds from the sale against the proportionate share of expenses of the other cotenant. The proportionate shares of each party are determined using the percentage ownership. The amount and percentage that one party should be reimbursed for expenses must be determined.

Real Property Improvements

If one co-owner improves a property and increases its value, then the cotenant who paid for the improvements may be entitled to receive a portion of the proceeds attributable to those improvements over the share due. You can determine this by getting the improvements appraised or valued.

How to Resolve Your Case Successfully

According to the law, each landowner is responsible for a portion of the attorney’s fees and costs associated with the division of real estate. Due to the costs that are incurred by everyone in the case of a partition, it’s important to consult with an experienced Florida realty lawyer about what options there are outside of court. Can the property be sold by a neutral broker? Will one owner buy out the interests of the other? What works in one situation may not work for another.

Call Bonardi & Uzdavinis at 813-540-1919 to schedule a free consultation.

BOOK A FREE CONSULTATION

Contact Us

related posts

share

news letter

Scroll to Top